Quarterly report pursuant to Section 13 or 15(d)

PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS

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PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS
3 Months Ended
Mar. 31, 2015
Notes to Financial Statements  
Note 7. PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS

Property, equipment and leasehold improvements at cost, less accumulated depreciation, at March 31, 2015 and December 31, 2014 consisted of the following:

 

    March 31,     December 31,  
    2015     2014  
Furniture   $ 53,790     $ 53,790  
Equipment     2,403,245       2,367,605  
Leasehold improvements     3,475,814       3,468,243  
Subtotal     5,932,849       5,889,638  
Less accumulated depreciation     (591,978 )     (442,895 )
Total   $ 5,340,871     $ 5,446,743  

 

Depreciation expense related to property and equipment for the three months ended March 31, 2015 was $392,883 and for the year ended December 31, 2014 was $9,211.