Annual report pursuant to Section 13 and 15(d)

PROPERTY AND EQUIPMENT

v3.20.4
PROPERTY AND EQUIPMENT
12 Months Ended
Dec. 31, 2020
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

 

5. PROPERTY AND EQUIPMENT

 

Property and Equipment consisted of the following:

 

    December 31,  
    2020     2019  
Computer hardware and software   $ 626,328     $ 711,442  
Office furniture and equipment     1,626,491       1,627,896  
Leasehold improvements     4,163,860       4,150,488  
Property and equipment, gross     6,416,679       6,489,826  
Less: accumulated depreciation     (2,348,842 )     (1,405,961 )
Property and equipment, net   $ 4,067,837     $ 5,083,865  

 

Depreciation expense was approximately $1,124,000 and $739,000 for the years ended December 31, 2020 and 2019, respectively.