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Property and Equipment
 12 Months Ended
Dec. 31, 2016
Property, Plant and Equipment [Abstract]  
Property and Equipment

Note 5 – Property and Equipment

 

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

 

    December 31,  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 $177,000 and $298,000 for the years ended 2016 and 2015, respectively.

 

During the year ended 2016, the Company purchased fixed assets of approximately $15,000, sold fixed assets amounting to approximately $89,000, resulting in net loss on sale of fixed assets of $1,531.

 

Due to the financial nature of the Company, the Company impaired all fixed assets and recorded an approximately $236,000 impairment charge in June 2016.