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Property and Equipment, Net

3 Months Ended

Mar. 31, 2018

Property And Equipment Net

Property and Equipment, Net

The following table summarizes property and equipment, net as of March 31, 2018 and December 31, 2017:

		March 31, 2018				December 31, 2017
Vehicles		$	472,870			$	472,870
Furniture and equipment			171,639				149,643
Technology development			3,592,754				3,406,786
Total property and equipment			4,237,263				4,029,299
Less: accumulated depreciation and amortization			874,234				668,467
Property and equipment, net		$	3,363,029			$	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 recorded a measurement period adjustment to increase the amount of the preliminary purchase price allocated to technology development from $1,400,000 to $2,900,000. For additional information, see Note 2 “Acquisitions”

At March 31, 2018, capitalized technology development costs were $3,592,754 which includes $2,900,000 of software acquired in the NextGen transaction. Total technology development costs incurred for the three-months ended March 31, 2018 was $469,307 of which $185,968 was capitalized and $283,339 was charged to expense in the accompanying Condensed Consolidated Statements of Operations. The amortization of capitalized technology development costs for the three-months ended March 31, 2018 was $173,760. Total technology development costs incurred for the three-months ended March 31, 2017 was $205,367, of which $127,358 was capitalized and $78,009 was charged to expense in the accompanying Condensed Consolidated Statements of Operations. The amortization of capitalized technology development costs for the three-months ended March 31, 2017 was $48,248. Depreciation on furniture and equipment for the three-months ended March 31, 2018 and 2017 was $32,008 and $587, 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://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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