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5. PROPERTY & EQUIPMENT | 3 Months Ended
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Mar. 31, 2020
Property, Plant and Equipment [Abstract] |
PROPERTY & EQUIPMENT | Property and equipment are stated at cost, less accumulated depreciation. Depreciation is recorded using the straight-line method over the estimated useful lives of the related assets, ranging from three to ten years. A summary is as follows:
|  | March 31, |  |  | December 31, |
|  | 2020 |  |  | 2019 |
Computers |  | $ | 87,928 |  |  | $ | 87,310 |
Office equipment |  |  | 22,597 |  |  |  | 22,312 |
Furniture and fixtures |  |  | 208,601 |  |  |  | 153,995 |
Leasehold improvements |  |  | 2,030 |  |  |  | 2,030 |
|  |  | 321,156 |  |  |  | 265,647 |
Less accumulated depreciation |  |  | (75,754 | ) |  |  | (60,694 | )
Property and equipment, net |  | $ | 245,402 |  |  | $ | 204,953 |
Depreciation expense related to property and equipment was $15,762 for the three months ended March 31, 2020, and $1,631 for the three months ended March 31, 2019. The Company considered the impact COVID-19 may have had on the carrying value of its property and equipment and determined that no impairment loss had occurred. We will continue to assess COVID-19's impact on our business including any indicators of impairment of property and equipment.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=120429125&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99779-112916 + Details
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