Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2015

Inventories are valued using the first-in, first-out method and stated at the lower of cost or market and consist of the following:

	December 31,
	2015		2014

Raw Materials and supplies	$	362,526	$	40,749
Work-in-process		150,369		135,625
Finished goods		313,117		193,368
Total inventory	$	826,012	$	369,742

Schedule of Finite-Lived Intangible Assets

Definite-lived intangible assets include trademarks, developed technology and customer relationships, and are amortized over their useful lives of 10, 7 and 7 years, respectively, and consisted of the following as of December 31, 2015:

	Cost		Accumulated Amortization		Net balance at December 31, 2015

Trademarks and tradenames	$	461,000	$	(21,471)	$	439,529
Developed technology		458,000		(30,474)		427,526
Customer relationships		1,094,000		(72,241)		1,021,759
Balance	$	2,013,000	$	(124,186)	$	1,888,814

Property, Plant and Equipment

Property and equipment consisted of the following at December 31, 2015 and 2014:

	December 31,
	2015		2014

Laboratory equipment	$	3,734,044	$	2,304,615
Office furniture and equipment		701,557		691,032
Computers		1,563,177		1,169,910
Leasehold improvements		659,949		245,558
		6,658,727		4,411,115
Less accumulated depreciation		(5,584,017)		(3,823,159)
Property and equipment, net	$	1,074,710	$	587,956