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PROPERTY AND EQUIPMENT

6 Months Ended

Jun. 30, 2020

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

NOTE 6: PROPERTY AND EQUIPMENT

Property and equipment consist of the following as of June 30, 2020 and December 31, 2019, respectively:

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​	​	​	​	​	​	​	​	​
​				June 30,			December 31,
​		Estimated Useful Lives		2020			2019
Lab equipment	​	5 Years	​	$	1,065,000	​	$	111,000
Manufacturing equipment	​	5 Years	​		—	​		—
Computers, equipment and software	​	3-5 Years	​		299,000	​		211,000
Office furniture	​	5 Years	​	​	179,000	​	​	178,000
Leasehold improvements	​	Lesser of lease term or estimated useful life	​	​	279,000	​	​	23,000
Total	​	​	​	​	1,822,000	​	​	523,000
Less: accumulated depreciation	​		​		(230,000)	​		(105,000)
Construction in progress	​		​		2,629,000	​		—
Total fixed assets, net	​		​	$	4,221,000	​	$	418,000

​

Depreciation expense for the three months ended June 30, 2020 and 2019 was approximately $0.09 million and $0.03 million, respectively. Depreciation expense for the six months ended June 30, 2020 and 2019 was approximately $0.1 million and $0.04 million, respectively.

On June 26, 2020, the Company entered into a lease for a manufacturing facility in Houston, Texas. In connection with the manufacturing facility, the Company has incurred costs pursuant to an agreement with a vendor to design, engineer, build and eventually install modular cleanrooms in a manufacturing facility. $2.6 million is recorded in fixed assets - construction in progress on the balance sheet as of June 30, 2020. Upon completion of the facility's construction, all costs associated with the buildout will be recorded as manufacturing equipment and amortized over the estimated useful life of the facility.

In connection with the research facility that the Company opened during the second quarter of 2020, the Company incurred approximately $1.0 million of costs acquiring necessary lab equipment to carry out its experiments.

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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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- References

No definition available.

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