XML 96 R14.htm IDEA: XBRL DOCUMENT v2.4.1.9
Property and Equipment
 12 Months Ended
Dec. 31, 2014
Property Plant And Equipment [Abstract]  
Property and Equipment

NOTE 6 – PROPERTY AND EQUIPMENT

Property and equipment consisted of the following for the dates presented (in thousands):

 

 

 

As of December 31,

 

 

 

2014

 

 

2013

 

Land

 

$

3,987

 

 

$

1,287

 

Building

 

 

9,848

 

 

 

6,508

 

Leasehold improvements

 

 

—

 

 

 

17

 

Construction in progress

 

 

1,427

 

 

 

—

 

Computers

 

 

2,303

 

 

 

619

 

Furniture

 

 

1,286

 

 

 

1,112

 

Automobiles and other vehicles

 

 

3,454

 

 

 

3,067

 

Software

 

 

653

 

 

 

2,055

 

Total cost

 

 

22,958

 

 

 

14,665

 

Less: Accumulated depreciation

 

 

(5,704

)

 

 

(5,376

)

Property and equipment, net

 

$

17,254

 

 

$

9,289

 

 

On July 12, 2013, UPCIC entered into a lease agreement (“Lease Agreement”) for an office building adjacent to its principal office in Fort Lauderdale, Florida (“Property”). The Company took possession of the Property and began making monthly rental payments on the Lease Agreement in October 2013.  Also on July 12, 2013, UPCIC entered into a purchase agreement to acquire the Property and completed the closing on the acquisition in December 2014 for approximately $6.0 million. The Property is currently reflected in land, building and construction in progress and will be placed into service once construction is complete.

 

Depreciation and amortization was $1.2 million, $1.0 million and $840 thousand for the years ended December 31, 2014, 2013 and 2012, respectively.

The following table provides realized gains (losses) on the disposal of property and equipment for the periods presented (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2014

 

 

2013

 

 

2012

 

Realized gain (loss) on disposal

 

$

(19

)

 

$

(10

)

 

$

(6

)