Property and equipment

3 Months Ended

Mar. 31, 2013

Note 2. Property and equipment:

Property and equipment consisted of the following:

	March 31, 2013 (Unaudited)		December 31, 2012

Land and improvements	$	1,107,508	$	1,107,508
Building		2,589,231		2,589,231
Building improvements		252,197		251,049
Laboratory equipment		1,212,668		1,211,418
Office and computer equipment		412,138		403,692

		5,573,742		5,562,898
Less accumulated depreciation		3,144,953		3,078,359

	$	2,428,789	$	2,484,539

Depreciation expense totaled approximately $67,000 and $94,000 for the three month periods ended March 31, 2013 and 2012, respectively.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

+ References+ Details