Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.20.2
Property and Equipment
 9 Months Ended
Sep. 30, 2020
Property, Plant and Equipment [Abstract]  
Property and Equipment

Note 6 - Property And Equipment

 

Property and equipment, net, consists of the following:

 

    Useful Life   September 30, 2020     December 31, 2019  
Furniture and fixtures   5-7 years   $                  231,222     $ 231,222  
Computers and software   3-7 years     246,323       244,039  
Leasehold improvements   15 years     157,107       157,107  
          634,652       632,368  
Less: accumulated depreciation         (482,111 )     (412,665 )
                     
Total       $ 152,541     $ 219,703  

  

Depreciation expense was approximately $30,000 and $69,000 for the three and nine months ended September 30, 2020. Depreciation expense was approximately $28,000 and $80,000  for the three and nine months ended September 30, 2019, respectively. The Company uses the straight-line depreciation method to calculate depreciation expense.