Annual report pursuant to Section 13 and 15(d)

PROPERTY AND EQUIPMENT

v3.20.1
PROPERTY AND EQUIPMENT
12 Months Ended
Dec. 31, 2019
Property Plant And Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 5. PROPERTY AND EQUIPMENT

Property and equipment, net consisted of the following at December 31, 2019 and 2018:

 

 

 

2019

 

 

2018

 

Furniture and fixtures

 

$

312,639

 

 

$

312,640

 

Automotive vehicles

 

 

215,127

 

 

 

215,127

 

Office and computer equipment

 

 

302,296

 

 

 

213,322

 

Leasehold improvements

 

 

6,843

 

 

 

156,843

 

Property and equipment, gross

 

 

836,905

 

 

 

897,932

 

Less: accumulated depreciation

 

 

(691,996

)

 

 

(698,347

)

Property and equipment, net

 

$

144,909

 

 

$

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 twelve months ended December 31, 2019 and 2018, depreciation expense related to property and equipment was $146,331 and $134,075, respectively.