Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.21.1
Property and Equipment
 3 Months Ended
Mar. 31, 2021
Property, Plant and Equipment [Abstract]  
Property and Equipment
4. PROPERTY AND EQUIPMENT

 

Property and equipment consisted of the following as of March 31, 2021 and December 31, 2020.

 

   

March 31,

2021

    

December 31,

2020

  
             
Computers   $ 29,000     $ 29,000  
Furniture and fixture     75,000       75,000  
Machinery and equipment     23,000       39,000  
Leasehold improvement     1,058,000       1,058,000  
Total property and equipment     1,185,000       1,201,000  
Accumulated depreciation     (372,000 )     (339,000 )
Total property and equipment, net   $ 813,000     $ 862,000  

 

During the period ended March 31, 2021, the Company sold certain machinery and equipment with a cost of $16,000 and accumulated depreciation of $11,000 for cash proceeds of $11,000. As a result, the Company recognized a gain of $6,000 and was reported as part of other income. Depreciation expense amounted to $44,000 and $35,000 for the three months ended March 31, 2021 and 2020, respectively.