Capital Lease Payable

9 Months Ended

Sep. 30, 2012

Capital Lease Payable [Abstract]

CAPITAL LEASE PAYABLE

6. CAPITAL LEASE PAYABLE

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

	2012			2011
Capital lease payable	$	48,472		$	68,766
Less:current portion		(37,353	)		(30,724	)
	$	11,119		$	38,042

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 three and nine months ended September 30, 2012, interest expense recorded on the capital lease was $480 and $3,024 respectively. For the three and nine months ended September 30, 2011, interest expense recorded on the capital lease was $949 and $2,973, respectively. For the three and nine months ended September 30, 2012 depreciation expense was $6,208 and $18,624, respectively. For the three and nine months ended September 30, 2011 depreciation expense was $6,208 and $16,664, respectively.