Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment, net

Property and Equipment, net

9 Months Ended

Sep. 30, 2014

Property, Plant and Equipment [Abstract]

5.	Property and Equipment, net

Property and equipment, net consists of the following:


	September 30, 2014			December 31, 2013
Laboratory equipment	$	245,450		$	1,106,761
Office and computer equipment		192,344			137,974
Leasehold improvements		94,855			69,296
Furniture and fixtures		51,291			52,904
Property and equipment – at cost		583,940			1,366,935
Less accumulated depreciation		(446,933	)		(1,214,332)
Property and equipment – net	$	137,007		$	152,603

Following the closure of the laboratory in London, approximately $885,000 of fully depreciated laboratory equipment was retired. Depreciation expense was $23,254 and $13,169 for the three months ended September 30, 2014 and 2013, respectively, and $55,769 and $40,689 for the nine months ended September 30, 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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