Annual report pursuant to Section 13 and 15(d)

Property and Equipment

v3.6.0.2
Property and Equipment
 12 Months Ended
Dec. 31, 2016
Property Plant And Equipment [Abstract]  
Property and Equipment
6. Property and Equipment
 
Fortress' property and equipment, exclusive of National's property and equipment consisted of the following:
 
 
 
 
 
 
As of December 31,
 
($ in thousands)
 
 
Useful Life (Years)
 
2016
 
2015
 
Computer equipment
 
 
3
 
$
440
 
$
13
 
Furniture and fixtures
 
 
5
 
 
821
 
 
69
 
Leasehold improvements
 
 
5 - 15
 
 
5,396
 
 
21
 
Construction in progress (1)
 
 
NA
 
 
–
 
 
274
 
Total property and equipment
 
 
 
 
 
6,657
 
 
377
 
Less: Accumulated depreciation
 
 
 
 
 
(445)
 
 
(68)
 
Property and equipment, net
 
 
 
 
$
6,212
 
$
309
 
 
(1) For build-out of the Company's new office in New York, NY.
 
Depreciation expenses of Fortress' s property and equipment for the years ended December 31, 2016, 2015, and 2014 was $0.4 million, $26,000, and $23,000, respectively, and was recorded in both research and development expense and general and administrative expense in the Consolidated Statements of Operations.
 
National' s property and equipment as of September 30, 2016 consisted of the following ($ in thousands):
 
 
 
September 30,
 
Estimated Useful
 
 
2016
 
Lives (in years)
Equipment
 
$
600
 
5
Furniture and fixtures
 
 
65
 
5
Leasehold improvements
 
 
259
 
Lesser of useful life or term of lease
Capital Leases (Primarily composed of computer equipment)
 
 
276
 
5
Total property and equipment
 
 
1,200
 
 
Less: Accumulated depreciation
 
 
(36)
 
 
Property and equipment, net
 
$
1,164
 
 
 
Depreciation expense of National's property and equipment for the period from September 10, 2016 through September 30, 2016 was $36,000.