Annual report pursuant to Section 13 and 15(d)

5. Property and Equipment, net

5. Property and Equipment, net

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

Property and equipment, net consists of the following:


	December 31, 2014			December 31, 2013
Laboratory equipment	$	254,150		$	1,106,761
Office and computer equipment		189,459			137,974
Leasehold improvements		92,354			69,296
Furniture and fixtures		50,150			52,904
Property and equipment – at cost		586,113			1,366,935
Less accumulated depreciation		(466,664	)		(1,214,332	)
Property and equipment – net	$	119,449		$	152,603

Following the closure of the laboratory in London, approximately $885,000 of fully depreciated laboratory equipment was retired in 2014. Depreciation expense was $83,863 and $52,032 for the years ended December 31, 2014 and 2013, 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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