Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.19.3
Property and Equipment
9 Months Ended
Sep. 30, 2019
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 5 – PROPERTY AND EQUIPMENT

 

At September 30, 2019 and December 31, 2018, property and equipment consisted of the following:

 

    Useful life   September 30,
2019
    December 31,
2018
 
Laboratory equipment   5 Years   $ 690,296     $ 258,345  
Office equipment and furniture   3 – 10 Years     39,285       35,627  
Leasehold improvement   Shorter of useful life or lease term     -       24,446  
          729,581       318,418  
Less: accumulated depreciation         (104,989 )     (68,863 )
        $ 624,592     $ 249,555  

 

For the three months ended September 30, 2019 and 2018, depreciation expense of property and equipment amounted to $23,351 and $21,931, respectively, of which, $820 and $819 was included in real property operating expenses, $16,871 and $16,220 was included in costs of development services and sales of developed products, $633 and $4,892 was included in other operating expenses, and $5,027 and $0 was included in research and development expense, respectively.

 

For the nine months ended September 30, 2019 and 2018, depreciation expense of property and equipment amounted to $64,136 and $42,509, respectively, of which, $2,457 and $2,457 was included in real property operating expenses, $47,356 and $25,852 was included in costs of development services and sales of developed products, $5,078 and $14,200 was included in other operating expenses, and $9,245 and $0 was included in research and development expense, respectively.