Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.21.2
Property and Equipment
6 Months Ended
Jun. 30, 2021
Property, Plant and Equipment [Abstract]  
Property and Equipment

Note 3 – Property and Equipment

 

Property and equipment consisted of the following:

 

                Estimated Useful
Type   June 30, 2021     December 31, 2020     Lives (Years)
                 
Computer equipment and software   $ 315,138     $ 273,256     3 - 5
Furniture and fixtures     45,684       47,526     5 - 7
Leasehold improvements     1,789       21,512     15
Property and equipment, gross     362,611       342,294      
Less: accumulated depreciation     (133,200 )     (105,484 )    
Property and equipment - net   $ 229,411     $ 236,810      

 

Depreciation expense for the three months ended June 30, 2021 and 2020 was $16,905 and $15,557, respectively.

 

Depreciation expense for the six months ended June 30, 2021 and 2020 was $32,736 and $30,981, respectively.

 

These amounts are included as a component of general and administrative expenses in the accompanying consolidated statements of operations.

 

In connection with the deconsolidation of TW, the Company disposed of property and equipment with a net carrying amount of $20,645.