Property and Equipment and Intangible Assets

6 Months Ended

Jun. 30, 2014

Property, Plant and Equipment [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, 2013		June 30, 2014
			(Unaudited)
Laboratory equipment	$	4,468,055	$	4,536,732
Furniture and equipment		736,886		750,886
Leasehold improvements		487,843		496,523
		5,692,784		5,784,141
Less: Accumulated depreciation		(3,758,202)		(4,092,603)
Total property and equipment, net	$	1,934,582	$	1,691,538
Purchased software	$	749,587	$	898,252
Internally developed software		213,361		108,361
Trademarks		33,000		33,000
		995,948		1,039,613
Less: Accumulated amortization		(228,725)		(321,595)
Total intangible assets, net	$	767,223	$	718,018

Depreciation expense, included in cost of revenue, general and administrative expenses, and research and development expenses for the three months ended June 30, 2013 and 2014 was $149,455 and $220,388, respectively, and for the six months ended June 30, 2013 and 2014 was $286,854 and $427,273, respectively.

Capital Leases

The Company leases certain equipment that is recorded as capital leases. This equipment is included in property and equipment on the accompanying consolidated balance sheet as of June 30, 2014 as follows:

	(Unaudited)
Equipment purchased under capital leases	$	584,150
Less: Accumulated amortization		(418,127)
Equipment purchased under capital leases, net	$	166,023

Future minimum lease payments under capital leases as of June 30, 2014 are as follows:

Years ending December 31,	(Unaudited)
2014	$	72,434
2015		101,309
2016		46,851
Total minimum lease payments		220,594
Less amount represented by interest		(24,521)
Less current portion		(101,015)
Capital lease obligation, net of current portion	$	95,058