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PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

NOTE 4 – PROPERTY AND EQUIPMENT

Property and equipment consists of the following:

		December 31, 2019				December 31, 2018
Office equipment		$	84,751			$	79,886
Lab equipment			3,733,057				2,513,459
Furniture			33,128				33,128
Leasehold improvements			229,401				220,389
			4,080,337				2,846,862
Less: Accumulated depreciation			1,663,834				1,046,093
		$	2,416,503			$	1,800,769

Depreciation expense for the years ending December 31, 2019 and 2018 was $617,741 and $400,780. During the year ended December 31, 2019, the Company did not sell or retire property and equipment. During the year ending December 31, 2018, the Company sold equipment for proceeds of $2,500 and a gain of $2,500. During the year ending December 31, 2018, the Company retired property and equipment and recorded a loss on the retirement of $12,584.

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- References

No definition available.

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- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-URI http://asc.fasb.org/topic&trid=2155823

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