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5. PROPERTY & EQUIPMENT
 9 Months Ended
Sep. 30, 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. Below is a summary of property and equipment for the periods presented:

 

     September 30,      December 31,  
     2020      2019  
Computers   $ 85,864     $ 87,310  
Office equipment     22,597       22,312  
Furniture and fixtures     205,871       153,995  
Leasehold improvements     2,030       2,030  
      316,362       265,647  
Less accumulated depreciation     (107,443 )     (60,694 )
                 
Property and equipment, net   $ 208,919     $ 204,953  

 

Depreciation expense related to property and equipment was $50,593 for the nine months ended September 30, 2020, and $16,881 for the nine months ended September 30, 2019.

 

The Company considered the impact the COVID-19 pandemic may have had on the carrying value of its property and equipment and determined that no impairment loss had occurred as of September 30, 2020. The Company will continue to assess the COVID-19 pandemic's impact on our business including any indicators of impairment of property and equipment.