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4. Property and Equipment

6 Months Ended

Jun. 30, 2013

Property, Plant and Equipment [Abstract]

The Company’s property and equipment at June 30, 2013 and December 31, 2012 consists of the following:

	6/30/13		12/31/12
Lab equipment	$	203,204	$	203,204
Leasehold Improvements		2,226,181		1,954,181
Furniture & Fixtures		463,769		459,498
Computer Equipment		416,816		416,816
		3,309,970		3,033,699
Less accumulated depreciation		418,107		236,654
Property and Equipment, net	$	2,891,863	$	2,797,045

Depreciation expense for the three and six months ended June 30, 2013 and 2012 was $96,901 and $181,453 and $7,283 and $10,885, respectively and is included in general and administrative expenses on the Company’s statement of operations.

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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