| Note 4 - Property and Equipment |
The Company’s property and equipment consist of the following amounts as of December 31, 2020 and December 31, 2019: |
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| December 31, 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
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| 3 years
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| 550,254 |
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| 412,805 |
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| 137,449 |
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| Laboratory equipment
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| 5 years
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| 2,586,997 |
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| 1,060,153 |
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| 1,526,844 |
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| Office furniture and equipment
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| 5 years
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| 271,656 |
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| 171,247 |
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| 100,409 |
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| Buildings
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| 30 years
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| 2,366,236 |
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| 207,111 |
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| 2,159,125 |
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| Building improvements
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| 5-15 years
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| 1,285,383 |
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| 184,813 |
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| 1,100,570 |
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| Land
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| Not amortized
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| 146,737 |
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| - |
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| 146,737 |
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| 7,207,263 |
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| 2,036,129 |
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| 5,171,134 |
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| December 31, 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
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| 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
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| 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
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| 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
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| 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
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| 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
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| 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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The majority of capital expenditures in 2020 are related to purchasing a new manufacturing facility of $0.8 million, manufacturing building improvements of $0.6 million, and laboratory equipment of $1.0 million. During the years ended December 31, 2020 and December 31, 2019, the Company recognized $627,555 and $589,532, respectively, in depreciation expense. During the year ended December 31, 2020, the Company sold laboratory equipment for cash proceeds of $293,312, resulting in a gain on disposal of equipment of $293,312.
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