5. Fixed Assets

The following is a summary of the fixed assets as of December 31:


	2012							2011
	Cost		Accumulated Depreciation			Net Book Value		Cost		Accumulated Depreciation			Net Book Value
Computers, furniture and fixtures	$	111,356	$	(83,537	)	$	27,819	$	100,373	$	(73,521	)	$	26,852
Leasehold improvements		57,350		(32,255	)		25,095		49,292		(28,407	)		20,885
	$	168,706	$	(115,792	)	$	52,914	$	149,665	$	(101,928	)	$	47,737

Included in fixed assets are assets under capital lease obligations with a cost of $3,941, (2011 – $4,243) and accumulated depreciation of $2,721 (2011 – $2,816). Depreciation expense for the years ended December 31, 2012, 2011 and 2010 was $19,076, $17,649 and $16,441, respectively.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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