General form of registration statement for all companies including face-amount certificate companies

5. Property and Equipment, Net

v2.4.0.8
5. Property and Equipment, Net
 3 Months Ended 12 Months Ended
Mar. 31, 2014
Dec. 31, 2013
Property, Plant and Equipment [Abstract]    
Property, and Equipment, Net

The Company has property and equipment as follows as of March 31, 2014 and December 31, 2013:

 

    3/31/2014     12/31/2013  
Furniture and Equipment   $ 12,385     $ 12,385  
Computer Equipment     32,493       32,493  
Leasehold Improvements     99,778       99,778  
Software     15,737       15,737  
Less Accumulated Depreciation     (94,115 )     (81,645 )
Property and Equipment, Net   $ 66,278     $ 78,748  

 

During the three months ended March 31, 2014 and 2013, the Company recorded depreciation expense of $12,470 and $2,595, respectively.

 

The Company has property and equipment as follows as of December 31, 2013 and 2012:

 

    12/31/2013     12/31/2012  
Furniture and Equipment   $ 12,385     $ 13,288  
Computer Equipment     32,493       68,216  
Leasehold Improvements     99,778       7,655  
Software     15,737       –  
Less Accumulated Depreciation     (81,645 )     (65,423 )
Property and Equipment, Net   $ 78,748     $ 23,736  

 

The increase in property and equipment is primarily the result of the assumption of $75,385 in net assets due to the Merger. These increases were offset by certain non-Merger related dispositions of $70,481 in gross assets which gave rise to a loss on disposition of assets of $9,469.

 

During the years ended December 31, 2013 and 2012, the Company recorded depreciation expense of $13,730 and $11,056, respectively.