6. PROPERTY AND EQUIPMENT

6 Months Ended

Jun. 30, 2016

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

6. PROPERTY AND EQUIPMENT

The Company owns a building and property located at 28411 Race Track Road, Bonita Springs, Florida 34135 and with respect thereto has entered into each of a Loan Agreement, Mortgage, Security Agreement and Note with Fifth Third Bank, each with an effective date of February 26, 2013.  The property consists of approximately 1.1 acres of land and approximately 10,000 square feet of combined office and warehouse space, and was purchased as part of a bank short sale.  The Company moved its operations to these premises on July 15, 2013. The purchase price of the property was $792,758 and was financed in part by a five year mortgage in the amount of $546,000 carrying an annual interest rate of 3% above LIBOR Rate, as such term is defined in the Note.

The Company also owns a building and property located at 2528 S. 27th Avenue, Broadview, Illinois 60155. The property consists of approximately 1.33 acres of land and approximately 28,711 square feet of combined office and warehouse space. The purchase price of $914,350 was initially financed primarily by a draw-down of $900,000 on the Company’s credit facility with Fifth Third Bank. On May 29, 2015, a permanent financing facility was provided by Fifth Third Bank in the form of a loan in the amount of $980,000. $900,000 of this amount was used to pay the balance of the credit facility; the additional $80,000 was used for refrigeration and other up-fit expenses at the property. The interest on the loan is at the LIBOR rate plus 3.0%.  The building is used for office and warehouse space for the Company’s Artisan subsidiary.

A summary of property and equipment at June 30, 2016 and December 31, 2015, was as follows:

	June 30, 2016			December 31, 2015
Land	$	385,523		$	385,523
Building		1,326,165			1,326,165
Computer and Office Equipment		466,177			466,177
Warehouse Equipment		206,778			197,561
Furniture, Fixtures		454,744			451,346
Vehicles		40,064			40,064
Total before accumulated depreciation		2,879,451			2,866,836
Less: accumulated depreciation		(755,583	)		(673,373	)
Total	$	2,123,868		$	2,193,463

Depreciation and amortization expense for property and equipment amounted to $45,852 and $15,514  for the three months ended  June 30, 2016 and 2015, respectively.  Depreciation and amortization expense for property and equipment amounted to $82,211 and $33,253  for the six months ended  June 30, 2016 and 2015, respectively.