Quarterly report pursuant to Section 13 or 15(d)

Property and equipment

v3.7.0.1
Property and equipment
3 Months Ended
Mar. 31, 2017
Property, Plant and Equipment [Abstract]  
Property and equipment
Note 3. Property and equipment:

Property and equipment consisted of the following:

   
March 31,
2017
(Unaudited)
   
December 31,
2016
 
             
Office and computer equipment
 
$
116,510
   
$
116,510
 
                 
Less accumulated depreciation
   
111,447
     
110,972
 
   
$
5,063
   
$
5,538
 

Depreciation expense totaled approximately $500 and $400 for the three month periods ended March 31, 2017 and 2016, respectively.

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 $1,919,000 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.