Annual report pursuant to Section 13 and 15(d)

Property and Equipment

v3.22.1
Property and Equipment
12 Months Ended
Dec. 31, 2021
Property Plant And Equipment [Abstract]  
Property and Equipment

Note 4 – Property and Equipment

Property and equipment are as follows:

 

 

 

As of December 31,

 

 

 

2021

 

 

2020

 

Computer software

 

$

916,498

 

 

$

862,343

 

Computer hardware

 

 

2,211,490

 

 

 

2,012,041

 

Furniture and fixtures

 

 

484,186

 

 

 

508,371

 

Leasehold improvements

 

 

782,538

 

 

 

776,563

 

 

 

 

4,394,712

 

 

 

4,159,318

 

Less – accumulated depreciation

 

 

(3,884,515

)

 

 

(3,756,607

)

Total property and equipment, net

 

$

510,197

 

 

$

402,711

 

 

 

The Company currently uses the following expected life terms for depreciating property and equipment: computer software – 1-2 years, computer hardware – 3 years, furniture and fixtures – 7 years, leasehold improvements – remaining life of the lease.

The Company disposed of $130,341 and $631,608 in property and equipment during the years ended December 31, 2021 and 2020, respectively. Total depreciation and amortization expense of the Company’s property and equipment was $258,249 and $356,310 for the years ended December 31, 2021 and 2020, respectively.