Property and Equipment and Intangible Assets

3 Months Ended

Mar. 31, 2015

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, 2014		March 31, 2015
Laboratory equipment	$	4,543,019	$	4,543,019
Furniture and equipment		762,466		764,876
Leasehold improvements		496,523		496,523
		5,802,008		5,804,418
Less: Accumulated depreciation		(4,395,603)		(4,539,067)
Total property and equipment, net	$	1,406,405	$	1,265,351
Purchased software	$	803,719	$	803,719
Internally developed software		213,361		213,361
Trademarks		33,000		33,000
		1,050,080		1,050,080
Less: Accumulated amortization		(418,931)		(467,639)
Total intangible assets, net	$	631,149	$	582,441

Depreciation and amortization expense, included in cost of revenue, general and administrative expenses, and research and development expenses for the three months ended March 31, 2014 and 2015 was $206,884 and $192,172, 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 March 31, 2015 as follows:

Equipment purchased under capital leases	$	310,467
Less: Accumulated amortization		(151,785)
Equipment purchased under capital leases, net	$	158,682

Future minimum lease payments under capital leases as of March 31, 2015 are as follows:

Years ending December 31,
2015	$	92,437
2016		68,327
2017		16,364
2018		16,364
Thereafter		9,546
Total minimum lease payments		203,038
Less amount represented by interest		(21,970)
Less current portion		(104,984)
Capital lease obligation, net of current portion	$	76,084