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, 2016
Notes to Financial Statements  
Note 6. PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS

NOTE 6 – PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS

 

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

 

    December 31,    
    2016     2015    
                   
Land and Building   $ 1,454,124     $ 1,454,124    
Furniture and Equipment     3,141,244       2,226,051    
Computer Hardware and Software     396,479       133,714    
Leasehold Improvements     8,027,792       3,926,795    
                   
Subtotal     13,019,639       7,740,684    
Less Accumulated Depreciation     (2,554,875 )     (1,045,709 )  
                   
Property, Equipment and Leasehold Improvements, Net   $ 10,464,764     $ 6,694,975    
                   

 

Depreciation expense related to property, equipment and leasehold improvements for the years ended December 31, 2016, 2015 and 2014 was $969,185, $602,814 and $392,883, respectively.