PROPERTY AND EQUIPMENT

3 Months Ended

Mar. 31, 2020

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.