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PROPERTY AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2017

Property, Plant and Equipment, Net [Abstract]

PROPERTY AND EQUIPMENT, NET

The following table summarizes property and equipment, net of accumulated depreciation and amortization as of December 31, 2017 and 2016:

		2017				2016
Vehicles	$	472,870				-
Furniture and equipment		149,643				-
Technology development		3,406,786				-
Total property and equipment		4,029,299				-
Less: accumulated depreciation and amortization		668,467				-
	$	3,360,832				-

Amortization and depreciation on Property and Equipment is determined on a straight-line basis over the estimated useful lives ranging from 3 to 5 years.

During the fourth quarter of 2017, the company finalized the preliminary purchase price allocation of the NextGen acquisition and made a measurement period adjustment to increase the amount of the preliminary purchase price that was allocated to technology development from $1,400,000 to $2,900,000 and increased the amount of amortization previously reported for the nine-month period ended September 30, 2017 by $200,000. For additional information, see Note 2 “Acquisitions”

At December 31, 2017, capitalized technology development costs were $3,406,786 which includes $2,900,000 of software acquired in the NextGen transaction. Total technology development costs incurred was $959,743 for the year ended December 31, 2017 of which $506,786 was capitalized and $452,957 was charged to expense in the accompanying Consolidated statements of operations. The amortization of capitalized technology development costs was $588,519 for the year ended December 31, 2017. There were no technology development costs incurred and no amortization of capitalized development costs for the year ended December 31, 2016. Depreciation expense on vehicles, furniture and equipment was $79,948 and $475, respectively for the years ended December 31, 2017 and 2016.

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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://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-URI http://asc.fasb.org/topic&trid=2155823

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- References

No definition available.

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