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v3.3.1.900

Property and Equipment | 12 Months Ended
--- | ---
Dec. 31, 2015
Notes to Financial Statements |
Note 4 - Property and Equipment | The Company's property and equipment consist of the following amounts as of December 31, 2015 and 2014:
|  |  |  |  |  |  |  | December 31, |
|  |  |  |  |  |  |  | 2015 |
|  |  |  |  | Accumulated |  |  | Net Carrying |
|  | Cost |  |  | Depreciation |  |  | Value |
|  | $ |  |  | $ |  |  | $ |
Computer hardware |  |  | 72,317 |  |  |  | 45,731 |  |  |  | 26,586 |
Laboratory equipment |  |  | 319,209 |  |  |  | 108,589 |  |  |  | 210,620 |
Equipment held under capital lease |  |  | 600,325 |  |  |  | 70,038 |  |  |  | 530,287 |
Office furniture and equipment |  |  | 34,155 |  |  |  | 17,843 |  |  |  | 16,312 |
|  |  | 1,026,006 |  |  |  | 242,201 |  |  |  | 783,805 |
|  |  |  |  |  |  |  | December 31, |
|  |  |  |  |  |  |  | 2014 |
|  |  |  |  | Accumulated |  |  | Net Carrying |
|  | Cost |  |  | Depreciation |  |  | Value |
|  | $ |  |  | $ |  |  | $ |
Computer hardware |  |  | 48,331 |  |  |  | 39,293 |  |  |  | 9,039 |
Laboratory equipment |  |  | 313,285 |  |  |  | 53,080 |  |  |  | 260,205 |
Equipment held under capital lease |  |  | - |  |  |  | - |  |  |  | - |
Office furniture and equipment |  |  | 31,745 |  |  |  | 12,403 |  |  |  | 19,341 |
|  |  | 393,361 |  |  |  | 104,776 |  |  |  | 288,585 |
On April 8, 2015 the Company entered into a five year capital lease to purchase three Tecan machines (automated liquid handling robots) for a total sum of $600,325 (€550,454). During the years ended December 31, 2015 and 2014, the Company recognized $150,439 and $47,095 in depreciation expense respectively.

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13-14) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2921-110230 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 + Details
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