Annual report pursuant to Section 13 and 15(d)

5. Property and Equipment, net

v2.4.1.9
5. Property and Equipment, net
12 Months Ended
Dec. 31, 2014
Property, Plant and Equipment [Abstract]  
Property and Equipment, net

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.