Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

v3.20.2
PROPERTY AND EQUIPMENT
9 Months Ended
Sep. 30, 2020
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Disclosure [Text Block]

NOTE 4 – PROPERTY AND EQUIPMENT

 

Property and equipment as of September 30, 2020 and December 31, 2019 is summarized as follows:

 

   

September 30,

2020

   

December 31,

2019

 

Computer equipment

  $ 206,326     $ 155,126  

Furniture and fixtures

    75,127       71,463  

Manufacturing equipment

    34,377       29,098  

Total

    315,830       255,687  

Less accumulated depreciation

    (128,156

)

    (75,319

)

Property and equipment, net

  $ 187,674     $ 180,368  

 

Property and equipment are stated at cost and depreciated using the straight-line method over their estimated useful lives of 3 to 5 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 $19,117 and $52,838 for three and nine months ended September 30, 2020; and $13,759 and $25,600 for the three and nine months ended September 30, 2019, respectively.