Property and Equipment

9 Months Ended

Sep. 30, 2016

Property and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

6. Property and Equipment

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

	SEPTEMBER 30,		DECEMBER 31,
	2016		2015
	(Unaudited)
Land and building	$	677,054	$	677,054
Computer hardware and software		2,826,376		2,698,577
Furniture and fixtures		326,124		303,691
Leasehold improvements		583,415		568,642
Automobile		229,051		247,405
Gross property and equipment		4,642,020		4,495,369
Less: accumulated depreciation and amortization		(3,320,257)		(2,982,062)
Property and equipment, net	$	1,321,763	$	1,513,307

Included in property and equipment are certain equipment purchases acquired under capital lease arrangements. Total capitalized cost of equipment under capital leases at September 30, 2016 and December 31, 2015 was approximately $63,500 and $372,600, respectively. For each of the three and nine month periods ended September 30, 2016 and 2015, the Company did not enter into any capital lease arrangements. For each of the three and nine month periods ended September 30, 2016 and 2015, there were no material sales or disposals of owned property and equipment.

 

Property and equipment depreciation expense (including amortization of capital lease property) was approximately as follows for the periods presented below:

	THREE MONTHS ENDED				NINE MONTHS ENDED
	SEPTEMBER 30,				SEPTEMBER 30,
	2016		2015		2016		2015
	(Unaudited)
Property and equipment depreciation expense	$	105,200	$	110,200	$	336,100	$	353,400
Capital lease amortization (included in property and equipment depreciation expense)	$	3,400	$	4,200	$	10,900	$	21,900

There were no changes in the estimated useful lives used to depreciate property and equipment during the three and nine month periods ended September 30, 2016 and 2015.

Accumulated depreciation for leased equipment at September 30, 2016 and December 31, 2015 was approximately $33,500 and $351,400, respectively. For the three and nine month periods ended September 30, 2016 there were disposals of fully amortized leased equipment of approximately $309,100. For the three and nine month periods ended September 30, 2015 there were no disposals of leased equipment. Total net book value of assets under capital leases at September 30, 2016 and December 31, 2015 was approximately $30,100 and $21,200, respectively.