Property and Equipment

6 Months Ended

Jun. 30, 2012

3. Property and Equipment

Property and equipment consists of the following:

	December 31, 2011			June 30, 2012
				(Unaudited)
Laboratory equipment	$	3,036,274		$	3,206,292
Office furniture and equipment		716,363			757,073
Leasehold improvements		194,899			299,434
		3,947,536			4,262,800
Less: Accumulated depreciation		(2,879,858	)		(3,105,143	)
Total property and equipment, net	$	1,067,679		$	1,157,657

Internally developed software	$	48,461		$	108,362
Less: Accumulated amortization		(4,038	)		(8,885	)
Total intangible assets, net	$	44,423		$	99,477

Depreciation expense, included in cost of revenue, general and administrative expenses, and research and development expenses, for the three months ended June 30, 2011 and 2012 was $72,985 and $120,957, respectively, and $171,985 and $230,131 for the six months ended June 30, 2011 and 2012, respectively.

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 June 30, 2012 as follows:

	(Unaudited)
Capital leased equipment	$	451,234
Less: Accumulated amortization		(133,052	)
Capital leased equipment, net	$	318,182

Future minimum lease payments under capital leases as of June 30, 2012 are as follows:

Years ending December 31,	(Unaudited)
2012	$	89,813
2013		175,548
2014		87,119
Total minimum lease payments		352,481
Less amount represented by interest		(34,299	)
Less current portion		(154,989	)
Capital lease obligation, net of current portion	$	163,193

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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