Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.19.1
Property and Equipment
 3 Months Ended
Mar. 31, 2019
Property, Plant and Equipment [Abstract]  
Property and Equipment

4. PROPERTY AND EQUIPMENT

 

Property and equipment consisted of the following:

 

    March 31, 2019     December 31, 2018  
Computer hardware and software   $ 495,909     $ 431,637  
Office furniture and equipment     947,366       914,742  
Leasehold improvements     2,026,759       2,025,410  
Construction in progress     43,660       —  
Property and equipment, gross     3,513,694       3,371,789  
Less: accumulated depreciation     (819,205 )     (666,583 )
Property and equipment, net   $ 2,694,489     $ 2,705,206  

 

Depreciation expense was $152,622 and $81,898 for the three months ended March 31, 2019 and 2018, respectively. In the first quarter of 2018, the Company wrote off $191,244 of fully amortized leasehold improvements related to the termination of the September 2016 Amendment in February 2018 as discussed in Note 5.