4. PROPERTY AND EQUIPMENT The gross carrying amount and accumulated depreciation of the property and Company’s equipment as of March 31, 2016 and December 31, 2015 are as follows: March 31, December 2016 31, 2015 $ $ Land 1,611,000 1,611,000 Land Improvements 200,000 200,000 Buildings and Improvements 35,610,444 35,610,444 Furniture, Fixtures and Equipment 1,051,473 1,051,473 Construction in Progress 3,300,300 3,300,300 41,773,217 41,773,217 Less Accumulated Depreciation (2,613,778) (2,031,511) $ $ 39,159,439 39,741,706 For the Three Months Ended March 31, 2016 2015 $ $ Capitalized Interest - 105,867 Depreciation Expense 582,267 304,711 Cash Paid for Capital Expenditures - 264,904 5. NOTE RECEIVABLE - RELATED PARTY March December 31, 31, 2016 2015 Note Receivable - Gemini $ $ Gaming, LLC - 573,428
4. PROPERTY AND EQUIPMENT The gross carrying amount and accumulated depreciation of the Company’s property and equipment as of March 31, 2016 and December 31, 2015 are as follows: March 31, 2016 December 31, 2015 Land $ 1,611,000 $ 1,611,000 Land Improvements 200,000 200,000 Buildings and Improvements 35,610,444 35,610,444 Furniture, Fixtures and Equipment 1,051,473 1,051,473 Construction in Progress 3,300,300 3,300,300 41,773,217 41,773,217 Less Accumulated Depreciation (2,613,778) (2,031,511) $ 39,159,439 $ 39,741,706 For the Three Months Ended March 31, 2016 2015 Capitalized Interest $ - $ 105,867 Depreciation Expense 582,267 304,711 Cash Paid for Capital Expenditures - 264,904 5. NOTE RECEIVABLE - RELATED PARTY March 31, 2016 December 31, 2015 Note Receivable - Gemini Gaming, LLC $ - $ 573,428
5-19-16-10Q.docx