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Property and Equipment | 9 Months Ended
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Sep. 30, 2013
Property and Equipment [Abstract] |
Property and Equipment |
5. | Property and Equipment
Major classes of property and equipment consisted of the following for each of the periods presented below:
|  | SEPTEMBER 30, |  |  | DECEMBER 31, |
|  | 2013 |  |  | 2012 |
|  | (Unaudited) |
Land and building |  | $ | 677,054 |  |  | $ | 677,054 |
Computer hardware and software |  |  | 1,828,396 |  |  |  | 1,544,233 |
Furniture and fixtures |  |  | 218,939 |  |  |  | 214,000 |
Leasehold improvements |  |  | 368,596 |  |  |  | 368,596 |
Automobile |  |  | 2,400 |  |  |  | 2,400 |
Gross property and equipment |  |  | 3,095,385 |  |  |  | 2,806,283 |
Less: accumulated depreciation and amortization |  |  | (1,666,896 | ) |  |  | (1,377,960 | )
Property and equipment, net |  | $ | 1,428,489 |  |  | $ | 1,428,323 |
There were no changes in the estimated useful life used to depreciate property and equipment for each of the three or nine month periods ended September 30, 2013 or 2012. For each of the three month periods ended September 30, 2013 and 2012, property and equipment depreciation expense recorded was approximately $100,200 and $104,200, respectively. For the nine month periods ended September 30, 2013 and 2012, property and equipment depreciation expense recorded was approximately $288,900 and $305,200, respectively. For each of the three and nine month periods ended September 30, 2013 and 2012, there were no material sales or disposals of owned property and equipment. Included in property and equipment are certain equipment purchases acquired under capital lease arrangements. For each of the three and nine month periods ended September 30, 2013, the Company did not enter into any capital lease arrangements. See Note 7 for additional information about historical capital lease obligations. Total capitalized cost of equipment under capital leases at September 30, 2013 and December 31, 2012 was approximately $477,500, respectively. For the three month periods ended September 30, 2013 and 2012 depreciation expense for leased equipment was approximately $14,700 and $17,500, respectively. For the nine month periods ended September 30, 2013 and 2012 depreciation expense for leased equipment was approximately $44,100 and $52,800, respectively. Accumulated depreciation for leased equipment at September 30, 2013 and December 31, 2012 was approximately $394,300 and $350,200, respectively. For the three month and nine month periods ended September 30, 2013, there were no disposals of leased equipment. For the three and nine month periods ended September 30, 2012, equipment under capital leases with cost and accumulated depreciation of approximately $130,700 were disposed of at the end of the lease period, with was no gain or loss recognized upon disposition. Total net book value of assets under capital leases at September 30, 2013 and December 31, 2012 was approximately $83,200 and $127,300, 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 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2921-110230 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13-14) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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