Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

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PROPERTY AND EQUIPMENT
 6 Months Ended
Jun. 30, 2021
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

7. PROPERTY AND EQUIPMENT

 

Property and equipment consisted of the following:

 

    June 30, 2021     December 31, 2020  
Computer hardware and software   $ 588,120     $ 626,328  
Office furniture and equipment     1,626,491       1,626,491  
Leasehold improvements     4,163,860       4,163,860  
Property and equipment, gross     6,378,471       6,416,679  
Less: accumulated depreciation     (2,860,794 )     (2,348,842 )
Property and equipment, net   $ 3,517,677     $ 4,067,837  

 

Depreciation expense was $263,660 and $320,188 for the three months ended June 30, 2021 and 2020, respectively and $535,846 and $639,676 for the six months ended June 30, 2021 and 2020, respectively.