Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.19.1
Property and Equipment
 3 Months Ended
Mar. 31, 2019
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 3. PROPERTY AND EQUIPMENT

 

The following is a summary of property and equipment, at costs less accumulated depreciation and amortization:

 

    March 31, 2019     December 31,
2018		     Estimated useful life
Furniture, equipment and software   $ 2,724,793     $ 2,094,911     3 - 7 years
Personal property     1,095,360       1,090,282     5 years
Leasehold improvements     990,447       341,672     Lesser of lease term or 5 years
Land improvements     601,370       601,370     15 years
Building     7,911,703       7,772,987     39 years
Land     690,705       690,705      
      14,014,378       12,591,927      
Less: accumulated depreciation    

1,286,551

       951,103      
Property and equipment, net   $ 12,727,827     $ 11,640,824      

 

Property and equipment include assets recorded under finance leases. See "Note 7—Leases." Property and equipment are pledged as collateral for the Operating Company line of credit. See "Note 6—Long Term Debt."

 

Depreciation expense for property and equipment (excluding assets recorded under finance leases) for the three months ended March 31, 2019 and 2018 was approximately $357,000 and $54,000, respectively.