PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2015

Property And Equipment

Note 3. PROPERTY AND EQUIPMENT

As of December 31,	2015			2014
Computer equipment	$	836,294		$	720,935
Office furniture and equipment		66,108			65,308
Leasehold improvements		46,455			46,455
Capitalized application software		6,360,499			5,682,861
Total property and equipment		7,309,356			6,515,559
Less: accumulated depreciation		(5,905,591	)		(5,029,292	)
Property and equipment, net	$	1,403,765		$	1,486,267

Property and Equipment are recorded at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over the assets' estimated useful lives as follows:

Computer equipment	5 years
Office Furniture and equipment	5 years
Leasehold improvements	Term of lease
Capitalized application software	3 years

For the years ended December 31, 2015 and 2014, the Company capitalized $677,638 and $832,450 of costs, respectively, related to the development of new software applications and enhancements made to existing software applications. Software applications are used by our subscribers to access, manage and analyze information in our databases. For the years ended December 31, 2015 and 2014, amortization expenses associated with the internally developed application software was $791,475 and $775,709 respectively. At December 31, 2015, the remaining book value of the capitalized application software was $1,151,396.

Depreciation expense for equipment and leaseholds for the years ended December 31, 2015 and 2014 was $84,824 and $73,867 respectively.