Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.7.0.1
Property and Equipment
6 Months Ended
Jun. 30, 2017
Property, Plant and Equipment [Abstract]  
Property and Equipment

4. Property and Equipment


Property and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful lives, ranging generally from five to seven years. Expenditures for maintenance and repairs are charged to expense as incurred.


Property and equipment consisted of the following:


 

 

June 30,

2017

 

December 31,
2016

 

 

 

 

 

 

  

Furniture and fixtures

 

$

55,883

 

$

55,883

 

Computers

 

 

41,333

 

 

38,903

 

Lab equipment

 

 

599,339

 

 

587,366

 

 

 

 

 

 

 

 

 

Total

 

 

696,555

 

 

682,152

 

Accumulated depreciation

 

 

(388,345

)

 

(322,560

)

 

 

 

 

 

 

 

 

Property and equipment, net

 

$

308,210

 

$

359,592

 


Depreciation expense was $66,671 and $65,553 for the six months ended June 30, 2017 and 2016, respectively.