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Property and Equipment

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Property and Equipment

NOTE E – PROPERTY AND EQUIPMENT

Property and equipment consist of the following:

		December 31, 2019				December 31, 2018
Computers and peripherals			706,274				1,021,844
Furniture and office equipment			1,854,098				1,907,116
Marine equipment			8,104,576				8,104,576
Right to use asset, net			739,803				—
			11,404,751				11,033,536
Less: Accumulated depreciation			(10,647,910	)			(10,915,557	)
Property and equipment, net		$	756,841			$	117,979

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 company for $1.0 million cash and assumed debt. See Lease commitment in NOTE O – Commitments and Contingencies for further information on Right to use asset, net. 

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- References

No definition available.

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-URI http://asc.fasb.org/topic&trid=2155823

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