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PROPERTY AND EQUIPMENT
 9 Months Ended
Sep. 30, 2016
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 3 – PROPERTY AND EQUIPMENT

 

Property and equipment consists of the following:

 

   

September 30,

2016

    

December 31,

2015

  
             
Office equipment   $ 55,817     $ 51,323  
Lab equipment     757,775       722,555  
Furniture     32,693       26,028  
Leasehold Improvements     231,860       231,859  
      1,078,145       1,031,765  
Less: Accumulated depreciation     637,874       536,703  
                 
    $ 440,271     $ 495,062  

 

Depreciation expense for the nine months ending September 30, 2016 and 2015 was $133,740 and $115,491. Depreciation expense for the three months ending September 30, 2016 and 2015 was $44,113 and $41,338. During the second quarter of 2016, the Company sold equipment for proceeds of $19,500 and a gain of $644.

 

7 
 

 

LIGHTWAVE LOGIC, INC.

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2016 AND 2015