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Property and Equipment
 9 Months Ended
Sep. 30, 2016
Property, Plant and Equipment [Abstract]  
Property and Equipment

Note 5 - Property and Equipment

 

Property and equipment consist of the following at September 30, 2016 and December 31, 2015:

 

    September 30, 2016     December 31, 2015  
Equipment     -     $ 109,493  
Computer     -       3,086  
Leasehold improvements     -       242,091  
Transaction verification servers     -       451,281  
Total cost     -       805,951  
Accumulated depreciation and amortization     -       (316,531 )
                 
Property and equipment, net   $ -     $ 489,420  

 

Depreciation expense was approximately $0 and $88,000 for the three months ended September 30, 2016 and 2015, respectively, and $177,000 and $202,000 for the nine months ended September 30, 2016 and 2015, respectively.

 

During the nine months ended September 30, 2016, the Company purchased fixed assets of approximately $19,000, sold fixed assets amounting to approximately $57,000, resulting in loss on sale of fixed assets of $11,000.

 

Due to the financial nature of the Company, the Company impaired all fixed assets and recorded an approximately $241,000 impairment charge in June 2016.