Annual report pursuant to Section 13 and 15(d)

Property And Equipment

v3.20.1
Property And Equipment
12 Months Ended
Dec. 31, 2019
Property, Plant and Equipment [Abstract]  
Property and Equipment

NOTE 3 – PROPERTY AND EQUIPMENT

 

Property and equipment as of December 31, 2019 and 2018 is summarized as follows:

 

    2019   2018
Computer equipment   $ 16,358     $ 15,207  
Furniture and fixtures     5,140       5,140  
Subtotal     21,498       20,347  
Less accumulated depreciation     (13,986 )     (7,917 )
Property and equipment, net   $ 7,512     $ 12,430  

 

Property and equipment are stated at cost and depreciated using the straight-line method over their estimated useful lives of 3 years. When retired or otherwise disposed, the related carrying value and accumulated depreciation are removed from the respective accounts and the net difference less any amount realized from disposition, is reflected in earnings.

 

Depreciation expense was $7,299 and $5,341 for the year ended December 31, 2019 and 2018.