PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2013

NOTE 4—PROPERTY AND EQUIPMENT

Property and equipment consisted of the following at December 31, 2013 and 2012:

Description	Life	2013			2012
Computer equipment	3 years	$	121,921		$	121,129
Office furniture and equipment	5-7 years		245,297			274,438
Software	3 years		121,378			149,867
Laboratory equipment	7 years		1,270,858			1,020,158
Leasehold improvements	10 years		665,158			622,772
Manufacturing equipment	7 years		588,889			571,187
Subtotal			3,013,501			2,759,551
Less: accumulated depreciation			(1,718,477	)		(1,494,510	)
Property and equipment, net		$	1,295,024		$	1,265,041

Property and equipment is carried at cost less accumulated depreciation. Depreciation is calculated by the straight-line method over the estimated useful life of three to ten years, depending upon the type of equipment, except for leasehold improvements which are amortized using the straight-line method over the remaining lease term or the life of the asset, whichever is shorter. The cost of repairs and maintenance is charged as an expense to the consolidated statements of operations as incurred. Depreciation expense totaled $335,597 and $303,677 for the years ended December 31, 2013 and 2012, 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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