Sonnet BioTherapeutics, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)

9 Months Ended

Sep. 30, 2012

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment [Table Text Block]

Property and equipment consists of the following at September 30, 2012 and December 31, 2011:

	2012			2011
				(Restated Note 16)
Office and computer equipment	$	33,525		$	32,179
Furniture and fixtures		47,686			47,686
Construction in progress		-			217,001
Restaurant furnishings and equipment		2,718,771			1,333,926
		2,799,982			1,630,792
Accumulated depreciation		(377,424	)		(125,733	)
	$	2,422,558		$	1,505,059

Depreciation Property Plant And Equipment [Table Text Block]

Depreciation expense for the three months ended September 30, 2012 and 2011:

Restaurants	$	90,313	$	-
Other		2,444		2,512
Total	$	92,757	$	2,512

Depreciation expense for the nine months ended September 30, 2012 and 2011:

Restaurants	$	244,722	$	-
Other		6,969		7,573
Total	$	251,691	$	7,573

- Definition

Tabular disclosure of the useful life and salvage value of 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.

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