Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.21.1
Property and Equipment
3 Months Ended
Mar. 31, 2021
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, 

 

    

2021

    

2020

Lab equipment

 

$

1,957,326

 

$

1,607,238

Computers

 

 

84,368

 

 

71,058

Furniture and fixtures

 

 

64,523

 

 

64,523

Leasehold improvements

 

 

22,563

 

 

22,563

Total

 

 

2,128,780

 

 

1,765,382

Accumulated depreciation

 

 

(1,161,198)

 

 

(1,089,120)

 

 

 

 

 

 

 

Property and equipment, net

 

$

967,582

 

$

676,262

 

Depreciation expense was $72,078 and $42,572 for the three months ended March 31, 2021 and 2020, respectively.