Fixed Assets

Fixed assets primarily consist of equipment, software and leasehold improvements. Equipment consists primarily of communications and technology hardware and furniture and fixtures. Capitalized software includes both purchased software and internally developed software. Fixed assets are reported at cost, net of accumulated depreciation and amortization. The following table reflects the components of fixed assets as of:



	December 31, 2018			March 31, 2018
Equipment	$	160,814		$	172,308
Software	269,884			323,088
Leasehold improvements	222,469			209,810
Total cost	653,167			705,206
Less: accumulated depreciation and amortization	(502,937		)	(556,800		)
Fixed assets, net	$	150,230		$	148,406

Depreciation and amortization expense related to fixed assets was $11,799 and $11,846 for the three months ended December 31, 2018 and 2017, respectively, and $35,659 and $36,059 for the nine months ended December 31, 2018 and 2017, respectively.