PROPERTY, EQUIPMENT and LEASEHOLD IMPROVEMENTS

6 Months Ended

Jun. 30, 2013

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 June 30, 2013 and December 31, 2012:

Property, equipment and leasehold improvements	June 30, 2013			December 31, 2012
Laboratory equipment	$	424,888		$	424,888
Manufacturing equipment		1,542,635			1,547,572
Computers, office equipment, and furniture		140,360			140,360
Computer software		4,108			4,108
Leasehold improvements		95,841			95,841
		2,207,832			2,212,769
Less: accumulated depreciation and amortization		( 1,489,455	)		(1,367,234	)
Property, equipment and leasehold improvements, net	$	718,377		$	845,535

Depreciation expense on property, equipment and leasehold improvements was $60,460 and $75,212 for the three months ended June 30, 2013 and 2012, respectively, and was $125,848 and $150,473 for the six months ended June 30, 2013 and 2012, respectively.

- 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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