Property and Equipment

12 Months Ended

Dec. 31, 2016

Property, Plant and Equipment [Abstract]

Property and Equipment

Note 4—Property and Equipment

Property and equipment consisted of the following at December 31, 2016 and 2015:

Description	Life		2016			2015
Computer equipment		3 years	$	173,147		$	193,596
Office furniture and equipment		5-7 years		238,661			247,679
Software		3 years		125,412			125,412
Laboratory equipment		7 years		1,117,173			1,120,693
Leasehold improvements		5 years		684,515			683,295
Manufacturing equipment		7 years		905,121			910,792
Subtotal:				3,244,029			3,281,467
Less: accumulated depreciation and impairment				(3,194,029	)		(2,443,600	)
Total property and equipment, net			$	50,000		$	837,867

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 seven 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 $238,127 and $351,403 for the years ended December 31, 2016 and 2015, respectively.

In connection with the assignment of the Company’s corporate headquarters lease and sale of certain assets which was effective as of February 1, 2017 (see Note 13), and based on the consideration received being less than the carrying value of the assets, management determined it was appropriate to write-down the carrying value of the property and equipment to its recoverable value of $50,000 as of December 31, 2016. The Company recorded an impairment loss of $548,638 for the year ended December 31, 2016.