Property and Equipment

12 Months Ended

Dec. 31, 2012

10. Property and Equipment

Property and equipment consists of leasehold improvements, which are recorded at cost. The Company will depreciate the costs when the property is placed into service, using the straight-line method over the remaining term of the underlying lease.

Property and equipment also includes laboratory, testing and computer equipment, and furniture and fixtures, which consist of office furniture. Both are stated at cost, with useful lives ranging from 2 - 5 years, depreciated on a straight line basis. Depreciation expense for the years ended December 31, 2012, 2011, 2010 and from November 15, 2005 (inception) to December 31, 2012 were approximately $2,000, $2,000, $2,000 and $10,000, respectively.

($ in thousands)

	December 31, 2012			December 31, 2011
Furniture and fixtures	$	39		$	39
Machinery and equipment	12			12
Leasehold improvement	26			—
Less accumulated depreciation	(47		)	(45		)

Property and equipment, net	$	30		$	6

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

+ References+ Details