Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

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Property and Equipment
9 Months Ended
Sep. 30, 2015
Notes to Financial Statements  
Note 4 - Property and Equipment

The Company's property and equipment consist of the following amounts as of September 30, 2015 and December 31, 2014:

 

                September 30,  
                2015  
          Accumulated     Net Carrying  
    Cost     Depreciation     Value  
    $     $     $  
Computer hardware     68,185       44,206       23,979  
Laboratory equipment     329,073       95,656       233,417  
Equipment held under capital lease     618,875       41,258       577,617  
Office furniture and equipment     35,210       16,633       18,577  
                         
      1,051,343       197,753       853,590  

 

                  December 31,  
                2014  
          Accumulated     Net Carrying  
    Cost     Depreciation     Value  
    $     $     $  
Computer hardware     48,331       39,293       9,038  
Laboratory equipment     313,285       53,080       260,205  
Equipment held under capital lease     -       -       -  
Office furniture and equipment     31,745       12,403       19,342  
                         
      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 $618,875 (€550,454).

 

During the nine month period ended September 30, 2015 and the year ended December 31, 2014, the Company recognized $99,851 and $47,095 in depreciation expense respectively.