Annual report pursuant to Section 13 and 15(d)

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.