Annual report pursuant to Section 13 and 15(d)

5. Property and Equipment, net

v3.7.0.1
5. Property and Equipment, net
 12 Months Ended
Dec. 31, 2016
Property, Plant and Equipment [Abstract]  
Property and Equipment, net

Property and equipment, net consists of the following:

 

    December 31,
2016		     December 31,
2015		  
    Laboratory equipment   $ 264,583     $ 249,969  
    Office and computer equipment     37,370       35,190  
    Leasehold improvements     26,841       26,841  
    Furniture and fixtures     20,263       20,263  
    Property and equipment     349,057       332,263  
    Less accumulated depreciation     (306,691 )     (270,242 )
    Property and equipment – net   $ 42,366     $ 62,021  

 

In connection with the closing of its 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 $36,449 and $48,750 for the years ended December 31, 2016 and 2015, respectively.