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

Fixed Assets, Net

v3.22.1
Fixed Assets, Net
 12 Months Ended
Dec. 31, 2021
Property, Plant and Equipment [Abstract]  
Fixed assets, net

Note 7 - Fixed assets, net

 

Fixed assets consisted of the following:

 

    As of
December 31,		     As of
December 31,		  
    2021     2020  
             
Furniture and computer equipment   $ 235,042     $ 131,300  
Leasehold improvements     14,064       1,175,556  
      249,106       1,306,856  
Less: accumulated depreciation     (95,955 )     (113,423 )
Fixed assets, net   $ 153,151     $ 1,193,433  

 

Depreciation expense related to our fixed assets for the year ended December 31, 2021, six months ended December 31, 2020, and year ended June 30, 2020 was $127,731, $240,742, and $27,951, respectively. During the year ended December 31, 2021, we terminated our office lease in Toronto, Canada and wrote off $1.2 million of fixed assets. During the six months ended December 31, 2020, we sold furniture and computer equipment for $25,561 with a cost of $191,389 and accumulated depreciation of $106,555 resulting in a $59,273 loss in the consolidated statements of operations for the six months ended December 31, 2020 related to these disposals.