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Property and Equipment
6 Months Ended
Jun. 30, 2024
Property and Equipment  
Property and Equipment

Note 3 – Property and Equipment

 

The net carrying value of property and equipment was as follows as of:

 

 

 

June 30,

2024

 

 

December 31,

2023

 

Furniture and fixtures

 

$293,152

 

 

$293,152

 

Equipment

 

 

1,159,987

 

 

 

1,292,528

 

Capitalized internal use and purchased software

 

 

17,056,639

 

 

 

16,159,517

 

Leasehold improvements

 

 

458,885

 

 

 

458,885

 

Subtotal

 

 

18,968,663

 

 

 

18,204,082

 

Less: accumulated depreciation and amortization

 

 

(17,211,674)

 

 

(16,523,294)

Total

 

$1,756,989

 

 

$1,680,788

 

 

During the three months ended June 30, 2024 and June 30, 2023, depreciation expense was $430,676 and $432,053, respectively. During the six months ended June 30, 2024 and June 30, 2023, depreciation expense was $857,754 and $824,954, respectively. During the three months ended June 30, 2024, we disposed of approximately $169 thousand of fully depreciated equipment that was no longer in use. As the equipment was fully depreciated, there was no cash inflow or outflow associated with this transaction, and no gain or loss was recorded.