Property and Equipment

9 Months Ended

Sep. 30, 2014

Property and Equipment

Property and equipment are recorded at cost and depreciated using the straight-line method, over estimated useful lives, ranging generally from five to seven years. Expenditures for maintenance and repairs are charged to expense as incurred.

Property and equipment consisted of the following:


	September 30, 2014		December 31, 2013

Furniture and fixtures	$	47,682	$	10,780
Computers		20,652		13,175
Lab equipment		447,423		39,357

Total		515,757		63,312
Accumulated depreciation		(51,409)		(9,559)

Property and equipment, net	$	464,348	$	53,753

Depreciation expense was $22,952 and $1,229 for the three months ended September 30, 2014 and 2013, respectively. Depreciation expense was $41,850 and $2,877 for nine months ended September 30, 2014 and 2013, respectively.

- 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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