XML 47 R11.htm IDEA: XBRL DOCUMENT v3.20.1
5. PROPERTY & EQUIPMENT
 3 Months Ended
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.