Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

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PROPERTY AND EQUIPMENT
 6 Months Ended
Jun. 30, 2014
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

Property and equipment, recorded at cost, consisted of the following at:

 

  June 30, 2014   December 31, 2013
Leasehold improvements $ 150,000     $ 6,367  
Furniture and fixtures   139,471       76,031  
Computer equipment   78,770       69,960  
Office equipment   12,270       12,270  
    380,511       164,628  
Less: accumulated depreciation   (108,628 )     (119,676 )
   Property and equipment, net $ 271,883     $ 44,952  

 

Property and equipment includes $243,970 of leasehold improvements, furniture and fixtures under capital leases as of June 30, 2014. Accumulated depreciation of assets under capital leases totaled $13,669 as of June 30, 2014.

 

Included in depreciation expense was $24,926 and $9,378 related to property and equipment for the six months ended June 30, 2014 and 2013, respectively.