Property and Equipment
|9 Months Ended|
Sep. 30, 2016
|Property, Plant and Equipment [Abstract]|
|Property and Equipment||
Property and equipment consisted of the following:
Depreciation expense was $20,464 and $14,701 for the three months ended September 30, 2016 and 2015, respectively and $57,695 and $26,242 for the nine months ended September 30, 2016 and 2015, respectively.
On December 30, 2015, the Company 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 lease payments commenced when the machine was placed in service in January 2016. The machine is being amortized over the life of the lease, which 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 that was not placed in service until January 2016 upon the Companys relocation into 6,326 square feet of office space. At September 30, 2016, construction in progress consisted of purchased property and equipment that will not be placed in service until the Company begins occupation of an additional 4,088 square feet of office space in November 2016. (See Note 5).
The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.
Reference 1: http://www.xbrl.org/2003/role/presentationRef