PROPERTY, EQUIPMENT and LEASEHOLD IMPROVEMENTS

9 Months Ended

Sep. 30, 2011

PROPERTY, EQUIPMENT and LEASEHOLD IMPROVEMENTS [Abstract]

PROPERTY, EQUIPMENT and LEASEHOLD IMPROVEMENTS

NOTE 7.

PROPERTY, EQUIPMENT and LEASEHOLD IMPROVEMENTS

Property, equipment and leasehold improvements, net, consisted of the following at September 30, 2011 and December 31, 2010:

Property, equipment and leasehold improvements	September 30, 2011			December 31, 2010
Laboratory equipment	$	424,888		$	424,888
Manufacturing equipment		1,483,223			1,483,223
Computers, office equipment, and furniture		140,360			140,360
Computer software		4,108			4,108
Leasehold improvements		95,841			95,841
		2,148,420			2,148,420
Less: accumulated depreciation and amortization		( 1,000,602	)		(772,936	)
Property, equipment and leasehold improvements, net	$	1,147,818		$	1,375,484

Depreciation expense on property, equipment and leasehold improvements was $75,359 and $79,073 for the three months ended September 30, 2011 and 2010, respectively, and was $227,665 and $179,053 for the nine months ended September 30, 2011 and 2010, respectively.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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