Property and Equipment and Intangible Assets

9 Months Ended

Sep. 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,		September 30,
	2013		2014
			(Unaudited)
Laboratory equipment	$	4,468,055	$	4,536,732
Furniture and equipment		736,886		752,465
Leasehold improvements		487,843		496,523
		5,692,784		5,785,720
Less: Accumulated depreciation		(3,758,202)		(4,248,940)
Total property and equipment, net	$	1,934,582	$	1,536,780
Purchased software	$	749,587	$	908,718
Internally developed software		213,361		108,362
Trademarks		33,000		33,000
		995,948		1,050,080
Less: Accumulated amortization		(228,725)		(370,105)
Total intangible assets, net	$	767,223	$	679,975

Depreciation expense, included in cost of revenue, general and administrative expenses, and research and development expenses for the three months ended September 30, 2013 and 2014 was $162,328 and $204,848, respectively, and for the nine months ended September 30, 2013 and 2014 was $449,183 and $632,121, 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 September 30, 2014 as follows:

	(Unaudited)
Equipment purchased under capital leases	$	645,467
Less: Accumulated amortization		(440,101)
Equipment purchased under capital leases, net	$	205,366

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

Years ending December 31,	(Unaudited)
2014	$	29,418
2015		117,673
2016		63,216
2017		16,364
2018		16,364
Thereafter		9,547
Total minimum lease payments		252,582
Less amount represented by interest		(35,387)
Less current portion		(92,505)
Capital lease obligation, net of current portion	$	124,690