Annual report pursuant to Section 13 and 15(d)

5. Property and Equipment, net

v3.3.1.900
5. Property and Equipment, net
12 Months Ended
Dec. 31, 2015
Property, Plant and Equipment [Abstract]  
Property and Equipment, net

Property and equipment, net consists of the following:

 

    December 31,
2015
    December 31,
2014
 
Laboratory equipment   $ 249,969     $ 254,150  
Office and computer equipment     35,190       189,459  
Leasehold improvements     26,841       92,354  
Furniture and fixtures     20,263       50,150  
Property and equipment     332,263       586,113  
Less accumulated depreciation     (270,242 )     (466,664 )
Property and equipment – net   $ 62,021     $ 119,449  

 

In connection with the closing of the London office in March 2015, the Company disposed of approximately $247,000 of depreciated fixed assets with a net book value of approximately $6,000 for cash proceeds of approximately $8,000, resulting in a gain of approximately $2,000. Depreciation expense was $48,750 and $83,863 for the years ended December 31, 2015 and 2014, respectively.