EQUIPMENT FOR LEASE

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

EQUIPMENT FOR LEASE

NOTE 2 – EQUIPMENT FOR LEASE

During the years ended December 31, 2020 and 2019, the Company capitalized $73 thousand (including a $51 thousand deposit made in fiscal 2019) and $177 thousand, respectively, in connection with the certification and production of the VerifyMe Beeper and the VeriPAS™ Smartphone Authenticator technology. The Company will depreciate the equipment for lease over its useful life of five years. As the equipment became available at the end of 2019, there is $50 thousand depreciation in the year ending December 31, 2020 and $0 depreciation in the year ending December 31, 2019. Depreciation expense for equipment for lease was $50 thousand and $0, for the years ended December 31, 2020 and December 31, 2019, respectively, and is included in general and administrative expense in the accompanying Statements of Operations.