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, 2016
Notes to Financial Statements  
Note 7. PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS

Property, equipment, and leasehold improvements at cost, less accumulated depreciation, at March 31, 2016 and December 31, 2015 consisted of the following:

 

    March 31,     December 31,  
    2016     2015  
Land   $ 1,454,124     $ 1,454,124  
Furniture     131,547       70,786  
Equipment     2,358,202       2,322,444  
Leasehold improvements     4,567,014       3,893,330  
Subtotal     8,510,887       7,740,684  
Less accumulated depreciation     (1,196,438 )     (1,045,709 )
Total   $ 7,314,449     $ 6,694,975  

 

Depreciation expense related to property and equipment for the quarter ended March 31, 2016 was $150,729 and for the year ended December 31, 2015 was $602,814.