Property and Equipment and Intangible Assets

12 Months Ended

Dec. 31, 2011

Property and Equipment and Intangible Assets

3. Property and Equipment and Intangible Assets

Property and equipment consists of the following:

	December 31, 2010			December 31, 2011
Laboratory equipment	$	2,389,339		$	3,036,274
Furniture and equipment		735,731			716,363
Leasehold improvements		194,899			194,899
		3,319,969			3,947,536
Less: Accumulated depreciation		(2,621,214	)		(2,879,858	)
Total property and equipment, net	$	698,755		$	1,067,679
Internally developed software	$	107,062		$	48,461
Less: Accumulated depreciation and amortization		—			(4,038	)
Total intangible assets, net	$	107,062		$	44,423

Depreciation expense, included in cost of revenue, general and administrative expenses, and research and development expenses for the years ended December 31, 2010 and 2011 was $465,689 and $366,695, respectively.  During the years ended December 31, 2010 and 2011, the Company recorded impairment losses of $371,872 and $157,241, respectively, relating to the abandonment of capitalized software development costs.

Capital Lease    The Company leases certain equipment that is recorded as capital leases. This equipment is included in property and equipment on the accompanying balance sheet as of December 31, 2011 as follows:

Capital leased equipment	$	451,234
Less: Accumulated amortization		(61,053	)
Capital leased equipment net	$	390,181

Future minimum lease payments under capital leases as of December 31, 2011 are as follows:

Years ending December 31,
2012	$	179,627
2013		175,548
2014		87,119
Total minimum lease payments		442,294
Less amount represented by interest		(52,113	)
Less current portion		(149,253	)
Capital lease obligation, net of current portion	$	240,928