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Annual report pursuant to section 13 and 15(d)

5. Property and Equipment

v2.4.0.6
5. Property and Equipment
12 Months Ended
Dec. 31, 2012
Property and equipment:  
5. Property and Equipment

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

 

    December 31, 2012     December 31, 2011  
                 
Call center   $ 121,313     $ 121,313  
Computer and office equipment     45,718       38,577  
Furniture and fixtures     11,336       -  
Library (online)     100,000       100,000  
Software     1,388,824       927,455  
Vehicle     -       39,736  
      1,667,191       1,227,081  
Accumulated depreciation and amortization     (455,871 )     (229,972 )
Property and equipment, net   $ 1,211,320     $ 997,109  

 

Depreciation and amortization expense for the years ended December 31, 2012 and 2011 was $256,363 and $85,662, respectively.  Accumulated depreciation amounted to $455,871 and $229,972 as of December 31, 2012 and 2011, respectively.

 

Amortization expense for software, included in the above amounts, for the years ended December 31, 2012 and 2011 was $226,454 and $60,290, respectively.  Software consisted of the following at December 31, 2012 and 2011:

 

    December 31, 2012     December 31, 2011  
                 
Software   $ 1,388,824     $ 927,455  
Accumulated amortization     (286,744 )     (60,290 )
Software, net   $ 1,102,080     $ 867,165  


The following is a schedule of estimated future amortization expense of software at December 31, 2012:

 

 Year Ending December 31,      
2013   $ 277,765  
2014     277,765  
2015     277,765  
2016     217,474  
2017     51,311  
Total   $ 1,102,080