Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

v3.23.2
PROPERTY AND EQUIPMENT
 6 Months Ended
Jun. 30, 2023
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

7. PROPERTY AND EQUIPMENT

 

Property and equipment consisted of the following:

 

 

 

June 30,
2023

 

 

December 31,
2022

 

Computer hardware and software

 

$

83,711

 

 

$

262,203

 

Office furniture and equipment

 

 

1,113,980

 

 

 

1,113,980

 

Leasehold improvements

 

 

3,330,855

 

 

 

3,330,855

 

Property and equipment, gross

 

 

4,528,546

 

 

 

4,707,038

 

Less: accumulated depreciation

 

 

(3,254,944

)

 

 

(3,093,223

)

Property and equipment, net

 

$

1,273,602

 

 

$

1,613,815

 

 

Depreciation expense was $158,343 and $192,084 for the three months ended June 30, 2023 and 2022, respectively and $340,213 and $387,803 for the six months ended June 30, 2023 and 2022, respectively.