General form of registration statement for all companies including face-amount certificate companies

5. Property and Equipment, net

5. Property and Equipment, net

12 Months Ended

Dec. 31, 2015

Property, Plant and Equipment [Abstract]

Property and equipment, net consists of the following:

	December 31, 2015			December 31, 2014
Laboratory equipment	$	249,969		$	254,150
Office and computer equipment		35,190			189,459
Leasehold improvements		26,841			92,354
Furniture and fixtures		20,263			50,150
Property and equipment		332,263			586,113
Less accumulated depreciation		(270,242	)		(466,664	)
Property and equipment – net	$	62,021		$	119,449

In connection with the closing of the 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 $48,750 and $83,863 for the years ended December 31, 2015 and 2014, respectively.