| 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: |
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| September 30,
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| 2020
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| Accumulated
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| Net Carrying
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| Cost
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| Depreciation
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| Value
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| Useful Life
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| $
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| $
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| $
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| Computer hardware and software
| 3 years
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| 490,687
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| 369,584
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| 121,103
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| Laboratory equipment
| 5 years
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| 1,980,047
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| 920,295
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| 1,059,752
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| Office furniture and equipment
| 5 years
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| 235,740
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| 152,240
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| 83,500
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| Buildings
| 30 years
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| 1,537,352
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| 183,600
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| 1,353,752
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| Building improvements
| 5-15 years
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| 792,282
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| 160,882
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| 631,400
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| Land
| Not amortized
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| 93,790
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| -
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| 93,790
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| 5,129,898
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| 1,786,601
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| 3,343,297
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| December 31,
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| 2019
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| Accumulated
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| Net Carrying
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| Cost
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| Depreciation
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| Value
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| Useful Life
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| $
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| $
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| $
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| Computer hardware and software
| 3 years
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| 426,461
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| 280,554
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| 145,907
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| Laboratory equipment
| 5 years
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| 2,052,348
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| 1,256,637
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| 795,711
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| Office furniture and equipment
| 5 years
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| 217,545
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| 114,242
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| 103,303
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| Buildings
| 30 years
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| 1,472,211
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| 139,021
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| 1,333,190
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| Building improvements
| 5-15 years
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| 630,824
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| 117,526
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| 513,298
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| Land
| Not amortized
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| 89,816
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| -
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| 89,816
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| 4,889,205
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| 1,907,980
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| 2,981,225
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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.
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