Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.19.2
Property and Equipment
 6 Months Ended
Jun. 30, 2019
Property, Plant and Equipment [Abstract]  
Property and Equipment
4. PROPERTY AND EQUIPMENT

 

Property and equipment consisted of the following:

 

    June 30, 2019     December 31, 2018  
             
Computer hardware and software   $ 514,923     $ 431,637  
Office furniture and equipment     953,744       914,742  
Leasehold improvements     2,025,410       2,025,410  
Construction in progress     393,172       —  
Property and equipment, gross     3,887,249       3,371,789  
Less: accumulated depreciation     (974,914 )     (666,583 )
Property and equipment, net   $ 2,912,335     $ 2,705,206  

 

Depreciation expense was $155,709 and $124,416 for the three months ended June 30, 2019 and 2018, respectively and $308,331 and $206,314 for the six months ended June 30, 2019 and 2018, respectively. During the second quarter of 2019, the Company incurred construction in progress costs of $393,172 to build out its office space related to the New Premises discussed in Note 5.