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PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2013

NOTE 3 - PROPERTY AND EQUIPMENT

Equipment consists of the following:

	December 31, 2013		December 31, 2012

Office equipment	$	24,244	$	12,741
Lab equipment		474,049		388,521
Furniture		4,061		4,061
Leasehold improvements		37,519		28,134
		539,873		433,457
Less: Accumulated depreciation		241,513		132,463

	$	298,360	$	300,994

Depreciation expense for the years ending December 31, 2013 and 2012 was $111,912 and $53,391.

- 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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