Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

v2.4.0.8
PROPERTY AND EQUIPMENT
 9 Months Ended
Sep. 30, 2014
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

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

 

    September 30, 2014   December 31, 2013
Leasehold improvements   $ 150,000     $ 6,367  
Furniture and fixtures     162,293       76,031  
Computer equipment     78,770       69,960  
Office equipment     12,903       12,270  
      403,966       164,628  
Less: accumulated depreciation     (129,291 )     (119,676 )
   Property and equipment, net   $ 274,675     $ 44,952  

 

Included in depreciation expense was $45,590 and $15,520 related to property and equipment for the nine months ended September 30, 2014 and 2013, respectively.

 

Property and equipment includes $243,970 of leasehold improvements, furniture and fixtures under capital leases as of September 30, 2014. Accumulated depreciation of assets under capital leases totaled $28,642 as of September 30, 2014.