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Property and Equipment
 12 Months Ended
Dec. 31, 2018
Property, Plant and Equipment [Abstract]  
Property and Equipment

NOTE E – PROPERTY AND EQUIPMENT

Property and equipment consist of the following:

 

     December 31,
2018		      December 31,
2017		  

Computers and peripherals

      1,021,844        1,278,461  

Furniture and office equipment

      1,907,116        2,625,028  

Marine equipment

      8,104,576        12,835,409  
  

 

 

     

 

 

  
     11,033,536        16,738,898  

Less: Accumulated depreciation

      (10,915,557 )       (16,145,082 ) 
  

 

 

     

 

 

  

Property and equipment, net

    $ 117,979      $ 593,816  
  

 

 

     

 

 

  

During 2018, we sold marine assets with an approximate gross cost of $4.6 million and an approximate net book value of $0.1 million to a Monaco related company for $1.0 million cash and assumed debt. During 2017, we sold this marine vessel to a related party, Monaco Financial, LLC, for $650,000. The consideration for this vessel was applied against our loan balance to Monaco in the amount of $650,000, see NOTE H. During 2016, we sold marine operational assets for a gain of $992,595 of which $792,595 is non-cash. The non-cash gain portion is a result of receiving the in-kind asset earlier noted and the relief of trade related debt. The gain of $992,595 is included in Gain on sale of marine assets in our Consolidated Statement of Income in the relevant period.