Property and Equipment

6 Months Ended

Jun. 30, 2015

4. Property and Equipment

Property and equipment are recorded at cost and depreciated using the straight-line method, over the 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:

	June 30, 2015			December 31, 2014

Furniture and fixtures	$	53,342		$	50,391
Computers		33,017			24,174
Lab equipment		538,998			447,423

Total		625,357			521,988
Accumulated depreciation		(130,391	)		(76,454	)

Property and equipment, net	$	494,966		$	445,534

Depreciation expense was $28,325 and $18,898 for the three months ended June 30, 2015 and 2014, respectively. Depreciation expense was $53,937 and $21,068 for the six months ended June 30, 2015 and 2014, respectively.