Property and Equipment

6 Months Ended

12 Months Ended

Mar. 31, 2016

Sep. 30, 2015

Property, Plant and Equipment [Abstract]

Property and Equipment

5.   Property and Equipment

Property and equipment, net, consists of:

	March 31, 2016			September 30, 2015
Laboratory equipment	$	10,840,204		$	10,936,364
Leasehold improvements		9,927,614			9,889,521
Computer software and hardware		409,684			402,075
Construction in process		940,621			175,425
		22,118,123			21,403,385
Less: accumulated depreciation and amortization		(4,759,735	)		(3,643,447	)
	$	17,358,388		$	17,759,938

Depreciation and amortization expense was $598,097 and $218,996 for the three months ended March 31, 2016 and 2015, respectively, and $1,192,074 and $441,071 for the six months ended March 31, 2016 and 2015, respectively.

At March 31, 2016 and September 30, 2015, $3,608,801 and $3,530,301 represents laboratory equipment under capital leases. The term of the leases are between 11 and 36 months and qualify as capital leases. The leases bear interest between 8.2% and 21.4%. At March 31, 2016 and September 30, 2015, $673,188 and $407,210, respectively, of accumulated depreciation related to this leased equipment has been recognized.

5.   Property and Equipment

Property and equipment, net, consists of:

	September 30,
	2014			2015
Laboratory equipment		$	6,847,970		$	10,936,364
Leasehold improvements			2,756,291			9,889,521
Computer software and hardware			224,150			402,075
Construction in process			—			175,425
			9,828,411			21,403,385
Less: accumulated depreciation and amortization			(1,818,847)			(3,643,447)
		$	8,009,564		$	17,759,938

Depreciation and amortization expense for the years ended September 30, 2014 and 2015 was $878,477 and $1,824,600, respectively.

At September 30, 2014 and 2015, $926,231 and $3,530,301, respectively, represents laboratory equipment under capital leases. The term of the leases are between 11 and 36 months and qualify as capital leases. The leases bear interest between 8.6% and 21.4%. At September 30, 2014 and 2015, $206,663 and $407,210 respectively, of accumulated depreciation related to this leased equipment has been recognized.

The following is a schedule of future minimum lease payments under capital leases as of September 30, 2015:

2016	$	1,087,192
2017		1,053,748
2018		295,010
		2,435,950
Less: amounts representing interest		(353,728)
Less: current portion		(862,849)
Capital lease obligations, excluding current portion	$	1,219,373