Note 2 – Fixed Assets

Fixed assets are recorded at cost and, once placed in service, are depreciated on the straight-line method over the estimated useful lives. Fixed assets consist of the following:

	Estimated	As of March 31,		As of June 30,
	Useful Lives in years	2016		2015

Office equipment and furniture	3 - 5	$	154,000	$	-
Lab equipment	3 - 5		90,000		90,000
Leasehold improvements	3		43,000		-
Manufacturing equipment	5		7,000		-
Less accumulated depreciation and amortization			(97,000)		(60,000)
Fixed assets, net		$	197,000	$	30,000