5. PROPERTY & EQUIPMENT

6 Months Ended

Jun. 30, 2020

Property, Plant and Equipment [Abstract]

PROPERTY & EQUIPMENT

Property and equipment are stated at cost, less accumulated depreciation. Depreciation is recorded using the straight-line method over the estimated useful lives of the related assets, ranging from three to ten years. A summary is as follows:

	June 30,			December 31,
	2020			2019
Computers	$	87,928		$	87,310
Office equipment		22,597			22,312
Furniture and fixtures		205,871			153,995
Leasehold improvements		2,030			2,030
		318,426			265,647
Less accumulated depreciation		(91,424	)		(60,694	)
Property and equipment, net	$	227,002		$	204,953

Depreciation expense related to property and equipment was $33,227 for the six months ended June 30,2020, and $7,917 for the six months ended June 30,2019.

The Company considered the impact the COVID-19 pandemic may have had on the carrying value of its property and equipment and determined that no impairment loss had occurred. We will continue to assess the COVID-19 pandemic's impact on our business including any indicators of impairment of property and equipment.