Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

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PROPERTY AND EQUIPMENT
 9 Months Ended
Sep. 30, 2021
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

4. PROPERTY AND EQUIPMENT

 

Property and equipment consisted of the following as of September 30, 2021 and December 31, 2020.

 

   

September 30,

2021

    

December 31,

2020

  
             
Computers   $ 29,000     $ 29,000  
Furniture and fixture     75,000       75,000  
Machinery and equipment     49,000       39,000  
Leasehold improvement    

1,058,000

      

1,058,000

  
Software development     2,329,000       -  
Total property and equipment     3,540,000       1,201,000  
Accumulated depreciation     (462,000 )     (339,000 )
Total property and equipment, net   $ 3,078,000     $ 862,000  

 

During the nine months ended September 30, 2021, the Company began developing MARKETPLACE the next generation of interactive livestream ecommerce and capitalized $2,329,000 of internal and external development costs. The Company anticipates incurring an additional $3,900,000 of internal and external development costs to complete MARKETPLACE. In addition, the Company purchased $26,000 of machinery and equipment, 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 $5,000 that was reported as part of other income. Depreciation expense amounted to $134,000 and $130,000 for the nine months ended September 30, 2021 and 2020, respectively.