Property and Equipment and Intangible Assets

3 Months Ended

Mar. 31, 2013

Property and Equipment and Intangible Assets [Abstract]

Property and Equipment and Intangible Assets

3. Property and Equipment and Intangible Assets

Property and equipment and intangible assets consist of the following:

	December 31, 2012			March 31, 2013
				(Unaudited)
Laboratory equipment	$	3,315,812		$	3,379,883
Furniture and equipment		660,626			675,219
Leasehold improvements		305,059			307,809
		4,281,497			4,362,911
Less: Accumulated depreciation		(3,258,299	)		(3,371,013	)
Total property and equipment, net	$	1,023,198		$	991,898
Purchased software	$	562,699		$	567,099
Internally developed software		108,362			108,362
		671,061			675,461
Less: Accumulated amortization		(95,652	)		(120,337	)
Total intangible assets, net	$	575,409		$	555,124

Intangible assets are carried at the cost to obtain them. Purchased software and internally developed intangible assets are amortized using the straight-line method over the estimated useful life of five years. Depreciation expense, included in cost of revenue, general and administrative expenses, and research and development expenses for the three months ended March 31, 2012 and 2013 was $109,174 and $137,401, 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 March 31, 2013 as follows:

	(Unaudited)
Equipment purchased under capital leases	$	451,234
Less: Accumulated amortization		(262,489	)
Equipment purchased under capital leases, net	$	188,745

Future minimum lease payments under capital leases as of March 31, 2013 are as follows:

Years ending December 31,	(Unaudited)
2013	$	130,641
2014		87,119
Total minimum lease payments		217,760
Less amount represented by interest		(14,389	)
Less current portion		(150,270	)
Capital lease obligation, net of current portion	$	53,101