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v3.22.2.2

Property and Equipment | 9 Months Ended
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Sep. 30, 2022
Property, Plant and Equipment [Abstract] |
Property and Equipment | Note 3 – Property and Equipment Management has revised the capitalization policy to capitalize any property and equipment over $7,500. This impact was immaterial to the periods presented. Property and equipment consisted of the following: Schedule of Property and Equipment
|  |  |  |  |  |  |  | Estimated Useful
Type |  | September 30, 2022 |  |  | December 31, 2021 |  |  | Lives (Years)
Computer equipment and software |  | $ | 1,005,946 |  |  | $ | 283,484 |  |  | 3 - 5
Furniture and fixtures |  |  | 83,092 |  |  |  | 82,752 |  |  | 5 - 7
|  |  | 1,089,038 |  |  |  | 366,236 |  |  |
Less: accumulated depreciation |  |  | (341,982 | ) |  |  | (165,788 | ) |  |
Property and equipment - net |  | $ | 747,056 |  |  | $ | 200,448 |  |  |
In June 2022, the Company acquired software having a fair value of $711,400. Payment for the software consisted of $300,000 in cash, of which $100,000 was paid in June 2022, and the remaining $200,000 in July 2022. Additionally, the Company issued 85,000 shares of common stock having a fair value of $411,400 ($4.84/share), based upon the quoted closing trading price. Depreciation and amortization expense for the three months ended September 30, 2022 and 2021 was $140,318 and $17,756, respectively. Depreciation and amortization expense for the nine months ended September 30, 2022 and 2021 was $174,403 and $50,491, respectively. These amounts are included as a component of general and administrative expenses in the accompanying consolidated statements of operations. SURGEPAYS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2022 (UNAUDITED)

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=126982197&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI https://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI https://asc.fasb.org/extlink&oid=126982197&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126982197&loc=d3e99779-112916 + Details
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