Quarterly report pursuant to Section 13 or 15(d)

Property And Equipment

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Property And Equipment
6 Months Ended
Jun. 30, 2017
Property, Plant and Equipment [Abstract]  
Property and Equipment

NOTE 5 – PROPERTY AND EQUIPMENT

 

Property and equipment as of June 30, 2017 and December 31, 2016 is summarized as follows:

 

   

June 30,

2017

 

December 31,

2016

Computer equipment   $ 1,010     $ —    
Furniture and fixtures     3,850       —    
Subtotal     4,860       —    
Less accumulated depreciation     (647 )     —    
Property and equipment, net   $ 4,213     $ —    

 

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 $405 and $647 for the three and six months ended June 30, 2017 and 2016, respectively; and $0 for the three and six months ended June 30, 2016.