Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

v3.21.2
PROPERTY AND EQUIPMENT
 9 Months Ended
Sep. 30, 2021
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

7. PROPERTY AND EQUIPMENT

 

Property and equipment consisted of the following:

 

 

 

September 30,
2021

 

 

December 31,
2020

 

Computer hardware and software

 

$

581,426

 

 

$

626,328

 

Office furniture and equipment

 

 

1,626,491

 

 

 

1,626,491

 

Leasehold improvements

 

 

3,315,021

 

 

 

4,163,860

 

Property and equipment, gross

 

 

5,522,938

 

 

 

6,416,679

 

Less: accumulated depreciation

 

 

(2,870,110

)

 

 

(2,348,842

)

Property and equipment, net

 

$

2,652,828

 

 

$

4,067,837

 

 

Depreciation expense was $256,286 and $202,079 for the three months ended September 30, 2021 and 2020, respectively and $792,132 and $841,755 for the nine months ended September 30, 2021 and 2020, respectively.