Annual report pursuant to Section 13 and 15(d)

Property and Equipment

v3.3.1.900
Property and Equipment
 12 Months Ended
Dec. 31, 2015
Notes to Financial Statements  
Note 4 - Property and Equipment

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

 

                December 31,  
                2015  
          Accumulated     Net Carrying  
    Cost     Depreciation     Value  
    $     $     $  
Computer hardware     72,317       45,731       26,586  
Laboratory equipment     319,209       108,589       210,620  
Equipment held under capital lease     600,325       70,038       530,287  
Office furniture and equipment     34,155       17,843       16,312  
      1,026,006       242,201       783,805  

 

                December 31,  
                2014  
          Accumulated     Net Carrying  
    Cost     Depreciation     Value  
    $     $     $  
Computer hardware     48,331       39,293       9,039  
Laboratory equipment     313,285       53,080       260,205  
Equipment held under capital lease     -       -       -  
Office furniture and equipment     31,745       12,403       19,341  
      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 $600,325 (€550,454).

 

During the years ended December 31, 2015 and 2014, the Company recognized $150,439 and $47,095 in depreciation expense respectively.