Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

v3.22.2
PROPERTY AND EQUIPMENT
 6 Months Ended
Jun. 30, 2022
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

7. PROPERTY AND EQUIPMENT

 

Property and equipment consisted of the following:

 

 

 

June 30,
2022

 

 

December 31,
2021

 

Computer hardware and software

 

$

262,203

 

 

$

248,754

 

Office furniture and equipment

 

 

1,113,981

 

 

 

1,185,329

 

Leasehold improvements

 

 

3,330,855

 

 

 

3,330,855

 

Property and equipment, gross

 

 

4,707,039

 

 

 

4,764,938

 

Less: accumulated depreciation

 

 

(2,718,032

)

 

 

(2,372,242

)

Property and equipment, net

 

$

1,989,007

 

 

$

2,392,696

 

 

Depreciation expense was $192,084 and $263,660 for the three months ended June 30, 2022 and 2021, respectively and $387,803 and $535,846 for the six months ended June 30, 2022 and 2021.