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Property and Equipment, Net
 3 Months Ended
Mar. 31, 2021
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net

The following table summarizes property and equipment, net of accumulated depreciation and amortization as of March 31, 2021 and December 31, 2020:

 

   

March 31,

2021

    

December 31,

2020

  
Vehicles   $ 240,603     $ 240,603  
Furniture and equipment     191,047       191,047  
Technology development and software     11,403,264       11,008,303  
Leasehold improvements     321,082       321,082  
Total property and equipment     12,155,996       11,761,035  
Less: accumulated depreciation and amortization     5,838,829       5,239,589  
Total   $ 6,317,167     $ 6,521,446  

 

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. 

 

On March 31, 2021, capitalized technology development costs were $11,195,253. Total technology development costs incurred for the three-months ended March 31, 2021 was $758,990 of which $394,962 was capitalized and $364,028 was charged to expense in the accompanying Condensed Consolidated Statements of Operations. Depreciation expense for the three-months ended March 31, 2021 was $599,240, which included the amortization of capitalized technology development costs of $546,683. Total technology development costs incurred for the three-months ended March 31, 2020 was $911,210 of which $290,376 was capitalized and $620,834 was charged to expense in the accompanying Condensed Consolidated Statements of Operations. Depreciation expense for the three-months ended March 31, 2020 was $522,995, which included the amortization of capitalized technology development costs of $437,943.