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Property and Equipment and Website Development Costs, Net

6 Months Ended

Jun. 30, 2018

Property, Plant and Equipment [Abstract]

Property and Equipment and Website Development Costs, Net

5. Property and Equipment and Website Development Costs, Net

Property and equipment and website development costs as of June 30, 2018 and December 31, 2017 are summarized as follows:

		June 30, 2018				December 31, 2017
Office equipment and computers		$	70,402			$	46,309
Furniture and fixtures			22,419				21,220
Website development costs			5,424,043				3,145,308
			5,516,864				3,212,837
Less accumulated depreciation and amortization			(1,320,070	)			(525,110	)
Net property and equipment and website development costs		$	4,196,794			$	2,687,727

A summary of website development cost activity for the six months ended June 30, 2018 is as follows:

Website development costs at December 31, 2017		$	3,145,308
Costs capitalized during the period:
Payroll-based costs			1,132,339
Stock-based costs			1,146,396
Website development costs at June 30, 2018		$	5,424,043

Depreciation expense for the three months ended June 30, 2018 and 2017 was $6,613 and $2,065, respectively. Depreciation expense for the six months ended June 30, 2018 and 2017 was $12,243 and $3,335, respectively. Depreciation expense is included in research and development costs and general and administrative costs, as appropriate, in the Company’s condensed consolidated statements of operations.

During the three months ended June 30, 2018 and 2017, the Company recorded amortization expense for website development costs of $433,204 and $53,000, respectively. During the six months ended June 30, 2018 and 2017, the Company recorded amortization expense for website development costs of $782,717 and $53,000, respectively. Amortization expense for website development costs is included in general and administrative costs in the Company’s consolidated statements of operations.

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- References

No definition available.

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- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-URI http://asc.fasb.org/topic&trid=2155823

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