PROPERTY AND EQUIPMENT

6 Months Ended

Jun. 30, 2015

Property, Plant and Equipment [Abstract]

The following table summarizes property and equipment and related accumulated depreciation:



	June 30, 2015			December 31, 2014
Land	$	812,340		$	812,340
Buildings	724,284			724,284
Leasehold improvements	49,784			45,000
Furniture, fixtures and equipment	18,905			15,792
Construction in progress	172,721			138,056
Property and equipment, gross	1,778,034			1,735,472
Less: Accumulated depreciation	(46,077		)	(28,062		)
Property and equipment, net	$	1,731,957		$	1,707,410

Depreciation expense was $9,008 and $3,116 for the three months ended June 30, 2015 and 2014, respectively, and $18,015 and $6,232 for the six months ended June 30, 2015 and 2014, respectively.

Construction in progress (“CIP”) includes land development costs, pre-construction costs, construction costs, interest incurred on financing, property taxes, insurance and overhead costs related to development. Included in pre-construction costs are architectural fees and site, soil, and engineering costs. Included in land development costs are on-site construction costs and other direct and indirect expenditures. Interest and property taxes are capitalized to CIP when development activities commence, and end when the qualifying assets are ready for their intended use. Sales and marketing costs are expensed as incurred. No interest or property taxes have been capitalized to CIP. Capitalized project costs are allocated to specific venues within the property using specific identification where feasible. Costs that are not specifically attributable to a particular venue will be allocated using methodologies deemed appropriate to the cost and areas benefited at the completion of the project.

CIP of approximately $173,000 at June 30, 2015 was capitalized in conjunction with the Company’s renovation of The Greenhouse. CIP includes approximately $114,000 relating to the value of common stock and warrants issued to Spector Group II, LLP, a New York limited liability partnership (“Spector Group”), to act as the design architect for The Greenhouse. Management of the Company anticipates that additional cash expenditures to complete The Greenhouse will approximate $150,000.