Property and Equipment

6 Months Ended

Jun. 30, 2016

Property, Plant and Equipment Disclosure [Text Block]

Property and Equipment

Major classes of property and equipment consisted of the following for each of the periods presented below:

	JUNE 30,		DECEMBER 31,
	2016		2015
	(Unaudited)
Land and building	$	677,054	$	677,054
Computer hardware and software		2,761,385		2,698,577
Furniture and fixtures		310,543		303,691
Leasehold improvements		571,972		568,642
Automobile		233,055		247,405
Gross property and equipment		4,554,009		4,495,369
Less: accumulated depreciation and amortization		(3,211,317)		(2,982,062)

Property and equipment, net	$	1,342,692	$	1,513,307

There were no changes in the estimated useful lives used to depreciate property and equipment during the three and six month periods ended June 30, 2016 and 2015. For each of the three month periods ended June 30, 2016 and 2015, property and equipment depreciation expense recorded was approximately $111,100 and $117,800, respectively. For each of the six month periods ended June 30, 2016 and 2015, property and equipment depreciation expense recorded was approximately $231,100 and $243,200, respectively. For each of the three and six month periods ended June 30, 2016 and 2015, there were no material sales or disposals of owned property and equipment.

Included in property and equipment are certain equipment purchases acquired under capital lease arrangements. Total capitalized cost of equipment under capital leases at June 30, 2016 and December 31, 2015 was approximately $63,500 and $372,600, respectively. For each of the three and six month periods ended June 30, 2016 and 2015, the Company did not enter into any capital lease arrangements.

For the three and six month periods ended June 30, 2016 and 2015, depreciation expense for leased equipment was approximately $7,500 and $19,700, respectively. Accumulated depreciation for leased equipment at June 30, 2016 and December 31, 2015 was approximately $31,300 and $351,400, respectively. For the three and six month periods ended June 30, 2016 there were disposals of fully amortized leased equipment of approximately $309,100. For the three and six month periods ended June 30, 2015 there were no disposals of leased equipment. Total net book value of assets under capital leases at June 30, 2016 and December 31, 2015 was approximately $32,200 and $21,200, respectively.