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CAPITAL LEASE PAYABLE
 12 Months Ended
Dec. 31, 2013
CAPITAL LEASE PAYABLE  
CAPITAL LEASE PAYABLE

8. CAPITAL LEASE PAYABLE

        In February 2011, the Company entered into a capital lease agreement under which the Company leased certain laboratory equipment. Capital lease obligation consisted of the following:

 
   December 31,  
 
   2013   2012  

Capital lease payable

   $ 2,799   $ 35,405  

Less: current portion

     (2,799 )   (32,606 )
           
​ ​ ​ ​ ​ ​ ​ ​

 

   $ —   $ 2,799  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           

        The total value of the laboratory equipment acquired under this capital lease agreement was $124,151 including a down payment of approximately $31,000. The capital lease is payable in monthly installments of $2,812 payable over thirty six months with the final payment due in January 2014. For the years ended December 31, 2013 and 2012, interest expense recorded on the capital lease was $1,133 and $3,189, respectively. For the years ended December 31, 2013, 2012, and 2011, depreciation expense on the assets under capital lease was $24,831, $24,831 and $22,761, respectively. The net book value at December 31, 2013 and 2012 amounted to $51,730 and $76,559, respectively.