Annual report pursuant to Section 13 and 15(d)

PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS

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PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS
12 Months Ended
Dec. 31, 2015
Notes to Financial Statements  
Note 6. PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS

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

 

    December 31,     December 31,  
    2015     2014  
Land   $ 1,454,124     $ -  
Furniture     70,786       53,790  
Equipment     2,322,444       2,367,605  
Leasehold improvements     3,893,330       3,468,243  
Subtotal     7,740,684       5,889,638  
Less accumulated depreciation     (1,045,709 )     (442,895 )
Total   $ 6,694,975     $ 5,446,743  

 

Depreciation expense related to property and equipment for the year ended December 31, 2015 was $602,814 and for the year ended December 31, 2014 was $392,883.