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PROPERTY AND EQUIPMENT

9 Months Ended

12 Months Ended

Sep. 30, 2019

Dec. 31, 2018

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

NOTE 4 – PROPERTY AND EQUIPMENT

Property and equipment consists of the following:

		September 30, 2019				December 31, 2018
Office equipment		$	84,751			$	79,886
Lab equipment			3,489,176				2,513,459
Furniture			33,128				33,128
Leasehold Improvements			229,401				220,389
			3,836,456				2,846,862
Less: Accumulated depreciation			1,484,510				1,046,093
		$	2,351,946			$	1,800,769

Depreciation expense for the nine months ending September 30, 2019 and 2018 was $438,417 and $277,539. Depreciation expense for the three months ending September 30, 2019 and 2018 was $180,098 and $120,856. During the three and nine months ending September 30, 2019, the Company did not retire property and equipment. During the nine months ending September 30, 2018, the Company sold equipment for proceeds of $2,500 and a gain of $2,500. During the nine months ending September 30, 2018, the Company retired property and equipment and recorded a loss on the retirement of $12,584. During the three months ended September 30, 2018, the Company did not sell or retire property and equipment.

NOTE 4 – PROPERTY AND EQUIPMENT

Property and equipment consists of the following:

		December 31, 2018				December 31, 2017
Office equipment		$	79,886			$	82,453
Lab equipment			2,513,459				1,695,604
Furniture			33,128				32,693
Leasehold improvements			220,389				231,859
			2,846,862				2,042,609
Less: Accumulated depreciation			1,046,093				865,860
		$	1,800,769			$	1,176,749

Depreciation expense for the years ending December 31, 2018 and 2017 was $400,780 and 182,006. 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. During the year ended December 31, 2017, the Company did not sell or retire property and equipment.

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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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