Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

v3.19.3
PROPERTY AND EQUIPMENT
9 Months Ended
Sep. 30, 2019
Property Plant And Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 5. PROPERTY AND EQUIPMENT

Property and equipment, net consisted of the following at: 

 

 

 

September 30,

 

 

December 31,

 

 

 

2019

 

 

2018

 

Furniture and fixtures

 

$

312,640

 

 

$

312,640

 

Automotive vehicles

 

 

215,127

 

 

 

215,127

 

Leasehold improvements

 

 

9,883

 

 

 

156,843

 

Computer equipment

 

 

189,294

 

 

 

159,838

 

Office equipment

 

 

53,483

 

 

 

53,484

 

Property and equipment, gross

 

 

780,427

 

 

 

897,932

 

Less: accumulated depreciation

 

 

(643,078

)

 

 

(698,347

)

Property and equipment, net

 

$

137,349

 

 

$

199,585

 

 

Property and equipment, net included $150,000 of leasehold improvements acquired under capital leases and $135,714 of related accumulated depreciation as of December 31, 2018, both of which were reclassified to finance lease right-of-use assets upon the adoption of ASC 842 on January 1, 2019 (Note 9).

 

For the nine months ended September 30, 2019 and 2018, depreciation expense related to property and equipment was $80,445 and $99,944, respectively.