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4. PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

Property and equipment consisted of the following at December 31, 2014 and 2013:

Description	Life	2014			2013
Computer equipment	3 years	$	168,209		$	121,921
Office furniture and equipment	5-7 years		247,679			245,297
Software	3 years		116,022			121,378
Laboratory equipment	7 years		1,100,559			1,270,858
Leasehold improvements	10 years		675,672			665,158
Manufacturing equipment	7 years		889,352			588,889
Subtotal			3,197,493			3,013,501
Less: accumulated depreciation			(2,099,389	)		(1,718,477	)
Property and equipment, net		$	1,098,104		$	1,295,024

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 $387,779 and $335,597 for the years ended December 31, 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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