Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

Property and Equipment

3 Months Ended

Mar. 31, 2016

Property Plant And Equipment [Abstract]

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).