Quarterly report pursuant to Section 13 or 15(d)

PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS

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PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS
9 Months Ended
Sep. 30, 2015
Notes to Financial Statements  
Note 7. PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS

Property, equipment and leasehold improvements at cost, less accumulated depreciation, at September 30, 2015 and December 31, 2014 consisted of the following:

 

    September 30,     December 31,  
    2015     2014  
Land   $ 344,124     $ -  
Furniture     85,789       53,790  
Equipment     2,440,140       2,367,605  
Leasehold improvements     3,609,803       3,468,243  
Subtotal     6,479,856       5,889,638  
Less accumulated depreciation     (892,355 )     (442,895 )
Total   $ 5,587,501     $ 5,446,743  

 

Depreciation expense related to property and equipment for the nine months ended September 30, 2015 was $449,461 and for the year ended December 31, 2014 was $392,883.