Property and Equipment
|9 Months Ended|
Sep. 30, 2020
|Property and Equipment|
|Property and Equipment||
6. Property and Equipment
Property and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful lives, ranging generally from five to seven years. Expenditures for maintenance and repairs are charged to expense as incurred.
Property and equipment consist of the following at:
Depreciation expense was $58,853 and $158,095 for the three and nine months ended September 30, 2020, respectively, and $54,826 and $176,548 for the three and nine months ended September 30, 2019, respectively.
The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef