Annual report pursuant to Section 13 and 15(d)

Property and Equipment

v3.20.1
Property and Equipment
 12 Months Ended
Dec. 31, 2019
Property, Plant and Equipment [Abstract]  
Property and Equipment

5. PROPERTY AND EQUIPMENT

 

Property and Equipment consisted of the following:

 

    December 31,  
    2019     2018  
Computer hardware and software   $ 711,442     $ 431,637  
Office furniture and equipment     1,627,896       914,742  
Leasehold improvements     4,150,488       2,025,410  
Property and equipment, gross     6,489,826       3,371,789  
Less: accumulated depreciation     (1,405,961 )     (666,583 )
Property and equipment, net   $ 5,083,865     $ 2,705,206  

 

Depreciation expense was approximately $739,000 and $494,000 for the years ended December 31, 2019 and 2018, respectively. In the first quarter of 2018, the Company wrote off $191,244 of fully amortized leasehold improvements.