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Property and Equipment
 9 Months Ended
Sep. 30, 2025
Property and Equipment  
Property and Equipment

6. Property and Equipment

 

Major classes of property and equipment consisted of the following as of the dates presented below:

 

 

 

SEPTEMBER 30,

 

 

DECEMBER 31,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

Computer hardware and software

 

$2,461,174

 

 

$3,052,569

 

Furniture and fixtures

 

 

380,132

 

 

 

382,419

 

Leasehold improvements

 

 

199,155

 

 

 

157,715

 

Automobiles

 

 

136,425

 

 

 

127,233

 

Gross property and equipment

 

 

3,176,886

 

 

 

3,719,936

 

Less: accumulated depreciation and amortization

 

 

2,737,776

 

 

 

3,175,213

 

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

$439,110

 

 

$544,723

 

 

During the three and nine month periods ended September 30, 2025 property and equipment depreciation expense was approximately $81,800 and $242,100, respectively. During the three and nine month periods ended September 30, 2024 property and equipment depreciation expense was approximately $92,000 and $259,400, respectively.

 

During the three month period ended September 30, 2025, there were no material disposals of property and equipment. During the nine month period ended September 30, 2025, the Company disposed of property and equipment with historical cost of $775,000 and accumulated depreciation of $766,800 and recognized a loss on disposal of property and equipment of $8,200.

 

During the three month and nine month period ended September 30, 2024, the Company disposed of fully depreciated property and equipment with historical cost and accumulated depreciation of approximately $571,600.

 

There were no changes in the estimated useful lives used to depreciate property and equipment during the nine month periods ended September 30, 2025 and 2024.