Annual report pursuant to Section 13 and 15(d)

5. Property and Equipment, net

v3.20.1
5. Property and Equipment, net
 12 Months Ended
Dec. 31, 2019
Property, Plant and Equipment [Abstract]  
Property and Equipment, net

5. Property and Equipment, net

 

Property and equipment, net consists of the following:

 

    December 31,
2019		     December 31,
2018		  
Office and computer equipment   $ 42,289     $ 42,289  
Leasehold improvements     –       26,841  
Furniture and fixtures     14,738       20,263  
Property and equipment – at cost     57,027       89,393  
Less accumulated depreciation     (56,270 )     (84,437 )
Property and equipment, net   $ 757     $ 4,956  

 

Depreciation expense was approximately $4,000 and $16,000 for the years ended December 31, 2019 and 2018, respectively. During the year ended December 31, 2019, the Company sold certain furniture and fixtures for $2,000 resulting in an approximate $2,000 gain. During the year ended December 31, 2018, the Company sold certain laboratory equipment for $22,500 resulting in an approximate $15,000 gain.