Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.20.1
Property and Equipment
3 Months Ended
Mar. 31, 2020
Property and Equipment  
Property and Equipment

6. 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 consist of the following at:

 

 

 

 

 

 

 

 

 

 

March 31, 

 

December 31, 

 

    

2020

    

2019

Lab equipment

 

$

1,496,968

 

$

1,311,853

Computers

 

 

53,065

 

 

53,065

Furniture and fixtures

 

 

54,689

 

 

50,453

Leasehold improvements

 

 

14,259

 

 

14,259

 

 

 

 

 

 

 

Total

 

 

1,618,981

 

 

1,429,630

Accumulated depreciation

 

 

(913,428)

 

 

(870,220)

 

 

 

 

 

 

 

Property and equipment, net

 

$

705,553

 

$

559,410

 

Depreciation expense was $42,572 and $67,186 for the three months ended March 31, 2020 and 2019, respectively.