PROPERTY AND EQUIPMENT

9 Months Ended

Sep. 30, 2019

NOTE 3 — PROPERTY AND EQUIPMENT

Property and equipment as of September 30, 2019 and December 31, 2018 is summarized as follows:


	September 30,		December 31,
	2019		2018
Computer equipment	$	64,195	$	62,170
Equipment under finance lease		156,858		95,506
Furniture and fixtures		48,746		4,968
Total		269,799		162,644
Less accumulated depreciation		(101,994)		(54,637)
Property and equipment, net	$	167,805	$	108,007

Property and equipment are stated at cost and depreciated using the straight-line method over their estimated useful life or term of the lease. When property or equipment is retired or otherwise disposed of, the related carrying value and accumulated depreciation are removed from the respective accounts and the net difference, less any amount realized from disposition, is reflected in earnings.

Included in net property and equipment are assets under finance leases (formerly known as capital leases) of $156,858, less accumulated depreciation of $46,706 as of September 30, 2019 and $95,506, less accumulated depreciation of $16,117, as of December 31, 2018.

The Company spent $45,803 and $10,893 in the purchase of furniture and equipment during the nine months ended September 30, 2019 and 2018, respectively. The Company also leased $61,352 and $77,864 in equipment during the nine months ended September 30, 2019 and 2018, respectively. Depreciation expense was $19,480 and $47,357 for the three and nine months ended September 30, 2019, respectively. Depreciation expense was $9,851 and $21,600 for the three and nine months ended September 30, 2018, respectively.