Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.4.0.3
Property and Equipment
3 Months Ended
Mar. 31, 2016
Property Plant And Equipment [Abstract]  
Property and Equipment

4.

PROPERTY AND EQUIPMENT

Property and equipment consisted of the following:

 

 

 

March 31,

 

 

December 31,

 

 

 

2016

 

 

2015

 

Computer hardware and software

 

$

46,156

 

 

$

40,202

 

Office furniture and equipment

 

 

150,106

 

 

 

35,209

 

Leasehold improvements

 

 

138,129

 

 

 

19,310

 

Construction in progress

 

 

 

 

 

83,765

 

Property and equipment, gross

 

 

334,391

 

 

 

178,486

 

Less: accumulated depreciation

 

 

(37,857

)

 

 

(54,348

)

Property and equipment, net

 

$

296,534

 

 

$

124,138

 

 

Depreciation expense was $17,285 and $5,371 for the three months ended March 31, 2016 and 2015, respectively.  

 

On December 30, 2015, we entered into a lease agreement for a copier machine. The cost of the machine was approximately $12,000 and is included in office furniture and equipment category in the table above. The machine was placed in service in January 2016 and is amortized over the life of the lease. The lease is for a three-year term and includes a bargain purchase option at the end of the term. See Note 5 for details of this capital lease commitment.

 

At December 31, 2015, construction in progress consisted of purchased property and equipment not placed in service until the Company’s occupation of its new office space in January 2016 (See Note 5).