Quarterly report pursuant to Section 13 or 15(d)

Property, Plant and Equipment

v3.20.2
Property, Plant and Equipment
6 Months Ended
Jun. 30, 2020
Property, plant and equipment [Abstract]  
Property, plant and equipment

6.

Property, plant and equipment   

 

Property, plant and equipment are stated at cost less accumulated depreciation and amortization and depreciated using the straight-line method over their useful lives. At June 30, 2020 and December 31, 2019, the Company’s property, plant and equipment, net consisted of the following:

 

 


 

2020

 

 

2019

 

 

Computer equipment and software 

 

$

18,862

 

 

$

18,862

 

 

Furniture and other equipment

 

 

1,885

 

 

 

1,885

 

 

      Property, plant and equipment

 

 

20,747

 

 

 

20,747

 

 

Less: accumulated depreciation

 

 

(10,848

)

 

 

(9,000

)

 

      Property, plant and equipment, net

 

$

9,899

 

 

$

11,747

 

 

Depreciation expense for the three months ended June 30, 2020 and 2019 amounted to $924 and $3,136, respectively. Depreciation expense for the six months ended June 30, 2020 and 2019 amounted to $1,848 and $6,301 respectively.