Sonnet BioTherapeutics, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

Property and Equipment

3 Months Ended

Mar. 31, 2015

Property, Plant and Equipment [Abstract]

5.	PROPERTY AND EQUIPMENT

Property and equipment consists of the following:

	March 31, 2015			December 31, 2014
Leasehold improvements	$	11,362,052		$	9,940,517
Restaurant furniture and equipment		8,199,525			7,827,925
Construction in progress		750,393			727,934
Office and computer equipment		92,444			51,746
Land and buildings		432,866			437,223
Office furniture and fixtures		59,361			60,302
		20,896,641			19,045,647
Accumulated depreciation and amortization		(5,903,290	)		(5,730,238	)
	$	14,993,351		$	13,315,409

Restaurant furnishings and equipment includes assets under capital leases from our South African restaurants $206,961 and $263,392, net book value of 99,912 and $158,446 as of March 31, 2015 and December 31, 2014, respectively. Depreciation and amortization expense $21,480 and $21,250 for capital lease assets for the three months ended March 31, 2015 and 2014, respectively.

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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