Annual report pursuant to Section 13 and 15(d)

Property and Equipment

v3.19.1
Property and Equipment
 12 Months Ended
Dec. 31, 2018
Property, Plant and Equipment [Abstract]  
Property and Equipment

Note 4 - Property and Equipment

 

Property and equipment consisted of the following at December 31, 2018 and 2017:

 

        December 31,     December 31,  
    Lives   2018     2017  
Lab equipment   5 years   $ 176,500     $ 116,070  
Office equipment & furniture   3 - 7 years     208,680       156,940  
Less: accumulated depreciation         (266,381 )     (215,660 )
Property and equipment, net       $ 118,799     $ 57,350  

 

In December 2018, the Company entered into a five-year capital lease agreement for office equipment and services for $906 per month. At December 31, 2018, the capitalized value associated with the lease agreement was $16,078.

 

Depreciation expense consisted of the following for the years ended December 31, 2018, 2017 and 2016, respectively:

 

    December 31,     December 31,     December 31,  
    2018     2017     2016  
Research & development   $ 20,170     $ 20,352     $ 41,632  
General administrative     30,551       35,586       35,891  
Depreciation expense   $ 50,721     $ 55,938     $ 77,523