Property and Equipment

12 Months Ended

Dec. 31, 2013

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.

Furniture and equipment includes laboratory, testing and computer equipment and furniture and fixtures, All are stated at cost, with useful lives ranging from 2 - 5 years, depreciated on a straight line basis. Leasehold improvements are primarily related to our corporate headquarters in New York City and are being amortized over the life of our lease. Depreciation and amortization expense for the years ended December 31, 2013, 2012, 2011 and from November 15, 2005 (inception) to December 31, 2013 were approximately $56,000, $2,000, $2,000, and $66,000, respectively.

($ in thousands)	December 31, 2013			December 31, 2012
Furniture and equipment	$	585		$	51
Leasehold improvement	107			26
Less accumulated depreciation	(103		)	(47		)

Property and equipment, net	$	589		$	30

- 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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