Property and Equipment
|9 Months Ended|
Sep. 30, 2020
|Property and Equipment|
|Note 3 - Property and Equipment||
The Company’s property and equipment consist of the following amounts as of September 30, 2020 and December 31, 2019:
During the nine-month periods ended September 30, 2020 and September 30, 2019, the Company recognized $459,450 and $443,972, respectively, in depreciation expense.
During the nine-month period ended September 30, 2020, the Company sold laboratory equipment for $293,595, resulting in a gain on disposal of equipment of $293,595. As of September 30, 2020, the Company has received $97,388 in payment for the laboratory equipment, with the remaining receivable of $196,207 recorded in other current assets.
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.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef