PROPERTY, EQUIPMENT and LEASEHOLD IMPROVEMENTS

12 Months Ended

Dec. 31, 2012

PROPERTY, EQUIPMENT and LEASEHOLD IMPROVEMENTS [Abstract]

PROPERTY, EQUIPMENT and LEASEHOLD IMPROVEMENTS

NOTE 8.

PROPERTY, EQUIPMENT and LEASEHOLD IMPROVEMENTS

Property, equipment and leasehold improvements, net, consisted of the following at December 31:

Property, equipment and leasehold improvements	2012			2011
Laboratory equipment	$	424,888		$	424,888
Manufacturing equipment		1,547,572			1,483,223
Computers, office equipment, and furniture		140,360			140,360
Computer software		4,108			4,108
Leasehold improvements		95,841			95,841
		2,212,769			2,148,420
Less: accumulated depreciation and amortization		(1,367,234	)		(1,075,960	)
Property, equipment and leasehold improvements, net	$	845,535		$	1,072,460

Depreciation expense on property, equipment, and leasehold improvements was $291,274 and $303,024 for the years ended December 31, 2012 and 2011, 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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