Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Property and Equipment, Net

v2.4.0.6
Property and Equipment, Net
12 Months Ended
Dec. 31, 2012
Property and Equipment, Net [Abstract]  
PROPERTY AND EQUIPMENT, NET

NOTE D – PROPERTY AND EQUIPMENT, NET

 

Property and equipment consisted of the following at December 31, 2012 and 2011:

 

                     
    2012     2011     Estimated
Useful
Lives in
Years
       

Equipment

  $ 11,462,582     $ 8,872,722     3-7

Leasehold improvements

    1,906,785       760,111     2-5

Furniture & fixtures

    709,574       512,996     7

Computer hardware

    1,926,329       1,495,513     3

Computer software

    2,547,215       1,308,976     2-3

Assets not yet placed in service

    343,769       344,394     —  
   

 

 

   

 

 

     

Subtotal

    18,896,254       13,294,712      

Less accumulated depreciation and amortization

    (10,289,435     (6,652,983    
   

 

 

   

 

 

     
       

Property and equipment, net

  $ 8,606,819     $ 6,641,729      
   

 

 

   

 

 

     

Depreciation and amortization expense on property and equipment, including leased assets, for the years ended December 31, 2012 and 2011, was $3,636,000 and $2,085,000 respectively. These amounts are included as part of our Statement of Operations in Cost of Revenue as well as General and Administrative Expenses with the majority of the expense being classified as Cost of Revenue.

Property and equipment under capital leases, included above, consists of the following at December 31, 2012 and 2011:

 

                 
    2012     2011  

Equipment

  $ 6,373,575     $ 5,421,526  

Furniture & fixtures

    211,797       191,053  

Computer hardware

    1,221,753       1,024,969  

Computer software

    131,894       227,831  

Leasehold Improvements

    134,327       233,386  

Assets not yet placed in service

    —         —    
   

 

 

   

 

 

 

Subtotal

    8,073,346       7,098,765  

Less accumulated depreciation and amortization

    (3,910,450     (2,618,075
   

 

 

   

 

 

 
     

Property and equipment under capital leases, net

  $ 4,162,896     $ 4,480,690