Property and Equipment

9 Months Ended

Mar. 31, 2016

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

Note 5 - Property and Equipment

Property and equipment, stated at cost, less accumulated depreciation consisted of the following:

	March 31, 2016		June 30, 2015
Land	$	260,000	$	260,000
GMP Facility		7,996,402		7,905,938
Office Equipment		76,056		65,241
Furniture and Fixtures		5,607		1,400
Lab Equipment		5,250,577		5,264,272
Total Property and Equipment		13,588,642		13,496,851
Less Accumulated Depreciation		(1,690,724)		(1,534,203)
Property and Equipment, Net	$	11,897,918	$	11,962,648

Depreciation expense for the three months ended March 31, 2016 and 2015 were $163,511 and $51,332 respectively and for the nine months ended March 31, 2016 and 2015 were $488,997 and $153,996, respectively.

In the current reporting period the Company completed the transfer of laboratories and personnel from its previous laboratory facilities at 135 Wood Street, West Haven, CT to 1 Controls Drive, Shelton, CT. The Company recorded the abandonment of fully depreciated nonremovable laboratory fixtures and leasehold improvements associated with the 135 Wood Street rented facility of $332,476 as a reduction to Property and Equipment with a corresponding reduction to Accumulated Depreciation.