| Note 4 - Property and Equipment |
Note 4 - Property and Equipment
The Company’s property and equipment consist of the following amounts as of December 31, 2021 and December 31, 2020:
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December 31,
2021
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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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599,944 |
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474,169 |
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125,775 |
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Laboratory equipment |
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5 years |
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3,032,108 |
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1,434,347 |
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1,597,761 |
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Office furniture and equipment |
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5 years |
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293,427 |
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213,244 |
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80,183 |
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Buildings |
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30 years |
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2,128,729 |
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243,750 |
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1,884,979 |
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Building improvements |
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5-15 years |
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1,293,258 |
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256,309 |
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1,036,949 |
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Land |
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Not amortized |
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185,430 |
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- |
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185,430 |
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7,532,896 |
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2,621,819 |
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4,911,077 |
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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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During the year ended December 31, 2021, the total capital expenditure was $1.0 million, the majority of which were purchases of laboratory equipment of $0.7 million.
During the years ended December 31, 2021 and December 31, 2020, the Company recognized $812,109 and $627,555, 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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