6. Property and Equipment

9 Months Ended

Sep. 30, 2014

6. PROPERTY AND EQUIPMENT

The gross carrying amount and accumulated depreciation of the Company’s property and equipment as of September 30, 2014 and December 31, 2013 are as follows:

	September 30, 2014	December 31, 2013
Land	$ 1,551,000	$ 160,000
Land Improvements	200,000	200,000
Buildings and Improvements	28,951,905	7,550,200
Furniture, Fixtures and Equipment	937,436	469,900
Construction in Progress	1,697,462	-
	33,337,803	8,380,100
Less Accumulated Depreciation	(637,150)	(291,500)
	$ 32,700,653	$ 8,088,600

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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