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PROPERTY AND EQUIPMENT | 3 Months Ended
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Mar. 31, 2020
PROPERTY AND EQUIPMENT |
PROPERTY AND EQUIPMENT | NOTE 3 — PROPERTY AND EQUIPMENT Property and equipment as of March 31, 2020 and December 31, 2019 is summarized as follows:
|  | March 31, |  | December 31,
|  | 2020 |  | 2019
|  | (in thousands)
Computer equipment |  | $ | 64 |  | $ | 64
Equipment under finance lease |  |  | 157 |  |  | 157
Furniture and fixtures |  |  | 59 |  |  | 59
Total |  |  | 280 |  |  | 280
Less accumulated depreciation |  |  | (142) |  |  | (124)
Property and equipment, net |  | $ | 138 |  | $ | 156
Property and equipment are stated at cost and depreciated using the straight-line method over their estimated useful life of three (3) years. When property or equipment is retired or otherwise disposed of, the related carrying value and accumulated depreciation are removed from the respective accounts and the net difference, less any amount realized from disposition, is reflected in earnings. Included in net property and equipment are assets under finance leases of approximately $157,000, less accumulated depreciation of approximately $73,000 as of March 31, 2020 and approximately $157,000 less accumulated depreciation of approximately $60,000 as of December 31, 2019. The Company spent $0 in the purchase of equipment during the three months ended March 31, 2020 and 2019. The Company also leased $0 in equipment during the three months ended March 31, 2020. Depreciation expense was approximately $18,000 and $13,000 for the three months ended March 31, 2020 and 2019, respectively.

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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 + Details
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