Quarterly report pursuant to Section 13 or 15(d)

Property and equipment

v3.8.0.1
Property and equipment
9 Months Ended
Sep. 30, 2017
Property, Plant and Equipment [Abstract]  
Property and equipment
Note 3. Property and equipment:

Property and equipment consisted of the following:

   
September 30,
2017
   
December 31,
2016
 
Office and computer equipment
 
$
114,309
   
$
116,510
 
Less accumulated depreciation
   
110,196
     
110,972
 
 
 
$
4,113
   
$
5,538
 

Depreciation expense totaled approximately $500 and $800, and $1,400 and $2,700, for the three and nine month periods ended September 30, 2017 and 2016, respectively.  Depreciation and amortization expenses also included $1,500 and $12,000, for the nine month periods ended September 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 and subsequent equipment sales resulted in a gain of approximately $1,933,000 and generated approximately $1,799,000 in net cash after expenses and mortgage payoffs.