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PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2014

NOTE 3 – PROPERTY AND EQUIPMENT

Property and equipment consists of the following:


	December 31, 2014		December 31, 2013

Office equipment	$	51,322	$	24,244
Lab equipment		544,858		474,049
Furniture		18,782		4,061
Leasehold improvements		136,900		37,519
		751,862		539,873
Less: Accumulated depreciation		376,635		241,513

	$	375,227	$	298,360

Depreciation expense for the years ending December 31, 2014 and 2013 was $136,322 and $111,912.

- 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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