5. Fixed Assets

Fixed assets consist of equipment, software and leasehold improvements. Equipment consists primarily of communications and technology hardware and furniture and fixtures. Software includes purchased software and internally developed software. Fixed assets are reported at cost, net of accumulated depreciation and amortization. The following table reflects the components of fixed assets as of:



	September 30, 2015			March 31, 2015
Equipment	$	154,562		$	152,893
Software	284,638			269,745
Leasehold improvements	204,333			203,420
Total cost	643,533			626,058
Less: accumulated depreciation and amortization	(470,711		)	(446,452		)
Fixed assets, net	$	172,822		$	179,606

Depreciation and amortization expense related to fixed assets was $12,882 and $13,551 for the three months ended September 30, 2015 and 2014, respectively, and $26,200 and $26,625 for the six months ended September 30, 2015 and 2014, respectively.