PROPERTY, EQUIPMENT and LEASEHOLD IMPROVEMENTS

12 Months Ended

Dec. 31, 2013

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	2013			2012
Laboratory equipment	$	424,888		$	424,888
Manufacturing equipment		1,581,728			1,547,572
Computers, office equipment, and furniture		140,360			140,360
Computer software		4,108			4,108
Leasehold improvements		95,841			95,841
		2,246,925			2,212,769
Less: accumulated depreciation and amortization		(1,608,311	)		(1,367,234	)
Property, equipment and leasehold improvements, net	$	638,614		$	845,535

Depreciation expense on property, equipment, and leasehold improvements was $244,704 and $291,274 for the years ended December 31, 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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