Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.21.2
Property and Equipment
9 Months Ended
Sep. 30, 2021
Property, Plant and Equipment [Abstract]  
Property and Equipment

Note 3 – Property and Equipment

 

Property and equipment consisted of the following:

 

                Estimated
Type   September 30, 2021     December 31, 2020    

Useful

Lives (Years)

                 
Computer equipment and software   $ 283,485     $ 273,256     3 - 5
Furniture and fixtures     82,752       47,526     5 - 7
Leasehold improvements     1,789       21,512     15
      368,026       342,294      
Less: accumulated depreciation     (150,956 )     (105,484 )    
Property and equipment - net   $ 217,070     $ 236,810      

 

Depreciation expense for the three months ended September 30, 2021 and 2020 was $17,756 and $17,911, respectively.

 

Depreciation expense for the nine months ended September 30, 2021 and 2020 was $50,491 (including $5,019 of depreciation from TW prior to deconsolidation) and $48,892, 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.

 

 

SURGEPAYS, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2021