Property and Equipment

3 Months Ended

Mar. 31, 2017

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:

	MARCH 31,		DECEMBER 31,
	2017		2016

	(Unaudited)
Computer hardware and software	$	1,228,275	$	1,214,052
Furniture and fixtures		256,514		211,376
Leasehold improvements		489,371		486,467
Automobile		173,173		216,880
Gross property and equipment		2,147,333		2,128,775
Less: accumulated depreciation and amortization		1,369,131		1,392,097

Property and equipment, net	$	778,202	$	736,678

There were no changes in the estimated useful lives used to depreciate property and equipment during the three month periods ended March 31, 2017 and 2016. During the three month period ended March 31, 2017 there were disposals of fully depreciated owned property and equipment with related cost and accumulated depreciation of approximately $31,500. During the three month period ended March 31, 2016 there were no material sales or disposals of owned property and equipment.

Assets under capital lease included in the table above consisted of the following as of the periods presented below:

	MARCH 31,		DECEMBER 31,
	2017		2016
	(Unaudited)
Automobiles	$	93,301	$	63,498
Less: accumulated amortization		-		36,823

Capital lease assets, net	$	93,301	$	26,675

During the three month period ended March 31, 2017, the Company acquired two automobiles under capital lease arrangements and recognized a gross asset of $93,301 (€87,300). For the three month period ended March 31, 2017, the Company disposed of two leased automobiles with a net book value of $47,800 (€44,900) and received gross proceeds of approximately $51,800 (€48,700). The Company recognized a net gain on disposal of approximately $4,100 (€3,800). During the three month period ended March 31, 2016 there were no material sales or disposals of owned or leased 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
	MARCH 31,
	2017		2016

	(Unaudited)
Property and equipment depreciation expense	$	83,800	$	119,800

Capital lease amortization (included in property and equipment depreciation expense)	$	-	$	3,700