Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.8.0.1
Property and Equipment
3 Months Ended
Mar. 31, 2018
Notes to Financial Statements  
Note 4 - Property and Equipment

The Company’s property and equipment consist of the following amounts as of March 31, 2018 and December 31, 2017:

 

                    March 31,  
                    2018  
              Accumulated     Net Carrying  
        Cost     Depreciation     Value  
    Useful Life   $     $     $  
Computer hardware and software   3 years     266,155       115,265       150,890  
Laboratory equipment   5 years     1,659,015       751,751       907,264  
Office furniture and equipment   5 years     199,995       48,689       151,306  
Buildings   30 years     1,616,415       58,362       1,558,053  
Building improvements   5-15 years     692,614       48,315       644,299  
Land   Not amortized     98,614       -       98,614  
          4,532,808       1,022,382       3,510,426  

 

              December 31,  
                    2017  
              Accumulated     Net Carrying  
        Cost     Depreciation     Value  
    Useful Life   $     $     $  
Computer hardware and software   3 years     239,133       93,422       145,711  
Laboratory equipment   5 years     1,575,354       653,636       921,718  
Office furniture and equipment   5 years     207,208       54,479       152,729  
Buildings   30 years     1,571,004       43,632       1,527,372  
Building improvements   5-15 years     673,157       35,748       637,409  
Land   Not amortized     95,843       -       95,843  
          4,361,699       880,917       3,480,782  

 

During the three-month periods ended March 31, 2018 and March 31, 2017, the Company recognized $137,705 and $72,357, respectively, in depreciation expense.