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General form of registration statement for all companies including face-amount certificate companies

Property and Equipment

v2.4.0.8
Property and Equipment
3 Months Ended 12 Months Ended
Mar. 31, 2013
Dec. 31, 2012
Property and equipment:    
5. Property and Equipment

Note 4. Property and Equipment


Property and equipment consisted of the following at March 31, 2013 and December 31, 2012:


                 

 

 

March 31,

2013

 

 

December 31,

2012

 

Call center

 

$

121,313

 

 

$

121,313

 

Computer and office equipment

 

 

61,037

 

 

 

45,718

 

Furniture and fixtures

 

 

32,914

 

 

 

11,336

 

Library (online)

 

 

100,000

 

 

 

100,000

 

Software

 

 

1,491,035

 

 

 

1,388,824

 

 

 

 

1,806,299

 

 

 

1,667,191

 

Accumulated depreciation and amortization

 

 

(541,216

)

 

 

(455,871

)

Property and equipment, net

 

$

1,265,083

 

 

$

1,211,320

 


Depreciation and amortization expense for the three months ended March 31, 2013 and 2012 was $85,345 and $53,511, respectively. Accumulated depreciation amounted to $541,216 and $455,871 as of March 31, 2013 and December 31, 2012, respectively.


Amortization expense for software, included in the above amounts, for the three months ended March 31, 2013 and 2012 was $74,552 and $46,373, respectively. Software consisted of the following at March 31, 2013 and December 31, 2012:


                 

 

 

March 31,

2013

 

 

December 31,

2012

 

Software

 

$

1,491,035

 

 

$

1,388,824

 

Accumulated amortization

 

 

(361,296

)

 

 

(286,744

)

Software, net

 

$

1,129,739

 

 

$

1,102,080

 


The following is a schedule of estimated future amortization expense of software at March 31, 2013:


         

Year Ending December 31,

 

 

 

2013

 

$

223,655

 

2014

 

 

298,207

 

2015

 

 

298,207

 

2016

 

 

237,917

 

2017

 

 

71,753

 

Total

 

$

1,129,739

 


Note 5. Property and Equipment


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


                 

 

 

December 31,

 

 

 

2012

 

 

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

 

 

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