Annual report pursuant to Section 13 and 15(d)

PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET

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PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET
 12 Months Ended
Dec. 31, 2017
Notes to Financial Statements  
NOTE 8. PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET

Property, equipment, and leasehold improvements, net consists of the following:

 

    December 31,  
    2017     2016  
             
Land and Building   $ 9,047,201     $ 1,454,124  
Furniture and Equipment     3,553,587       3,141,244  
Computer Hardware and Software     486,176       396,479  
Leasehold Improvements     9,316,665       7,568,465  
Construction in Progress     1,204,547       459,327  
                 
Subtotal     23,608,176       13,019,639  
Less Accumulated Depreciation     (4,416,560 )     (2,554,875 )
                 
Property, Equipment and Leasehold Improvements, Net   $ 19,191,616     $ 10,464,764  

 

Depreciation expense related to property, equipment and leasehold improvements for the years ended December 31, 2017, 2016 and 2015 was $1,929,115, $969,185 and $602,814, respectively.

 

During the third quarter of 2017, the Company recorded an impairment charge for land held in Nevada. In accordance with the guidance for the impairment of long-lived assets, the Company evaluated the property for recovery and recorded an impairment charge of $138,037 to adjust the carrying value of the property to our estimate of fair value. The impairment charge was recorded in other expense in our consolidated statement of operations and we allocated that charge to our eliminations and other segment, see “Note 20 – Segment Information” for additional disclosure regarding segments.