Quarterly report pursuant to Section 13 or 15(d)

Property and equipment

v3.7.0.1
Property and equipment
6 Months Ended
Jun. 30, 2017
Property, Plant and Equipment [Abstract]  
Property and equipment
Note 3. Property and equipment:

Property and equipment consisted of the following:

 
June 30,
2017
 
December 31,
2016
 
         
Office and computer equipment
 
$
114,309
   
$
116,510
 
Less accumulated depreciation
   
109,722
     
110,972
 
   
$
4,587
   
$
5,538
 

Depreciation expense totaled approximately $500 and $400, and $1,000 and $800, for the three and six month periods ended June 30, 2017 and 2016, respectively. Depreciation and amortization expenses also included $1,500 and $9,000, for the six month periods ended June 30, 2017 and 2016, respectively, on short-term assets included with prepaid expenses.

On February 25, 2016, the Company completed the sale of its corporate headquarters, land, building and certain fixtures and equipment to a third party for a purchase price of approximately $4,053,000. The sale resulted in a gain of approximately $1,920,000 and generated approximately $1,749,000 in net cash after expenses and mortgage payoffs. The Company is leasing back space in the building under a short-term lease agreement that provides storage space.