Quarterly report pursuant to Section 13 or 15(d)

PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS

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PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS
 6 Months Ended
Jun. 30, 2017
Notes to Financial Statements  
Note 5. PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS

As of June 30, 2017 and December 31, 2016, property, equipment and leasehold improvements at cost, less accumulated depreciation, consisted of the following:

 

   

June 30,

2017

    

December 31,

2016

  
             
Land and Building   $ 1,454,124     $ 1,454,124  
Furniture and Equipment     3,376,758       3,141,244  
Computer Hardware and Software     438,210       396,479  
Leasehold Improvements     8,458,734       7,568,465  
Construction in Progress     297,041       459,327  
                 
Subtotal     14,024,867       13,019,639  
Less Accumulated Depreciation     (3,443,602 )     (2,554,875 )
                 
Property, Equipment and Leasehold Improvements, Net   $ 10,581,265     $ 10,464,764  

 

Depreciation expense related to property, equipment and leasehold improvements for the three months ended June 30, 2017 and 2016 was $456,659 and $222,939, respectively, and for the six months ended June 30, 2017 and 2016 was $919,732 and $373,668, respectively.