Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

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PROPERTY AND EQUIPMENT
9 Months Ended
Sep. 30, 2018
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 7 – PROPERTY AND EQUIPMENT

 

At September 30, 2018 and December 31, 2017, property and equipment consisted of the following:

 

    Useful life   September 30, 2018     December 31, 2017  
Laboratory equipment   5 Years   $ 266,232     $ 3,685  
Office equipment and furniture   3 – 10 Years     32,403       31,440  
Leasehold improvement   Shorter of useful life or lease term     24,480       24,551  
          323,115       59,676  
Less: accumulated depreciation         (51,589 )     (11,647 )
        $ 271,526     $ 48,029  

 

For the three months ended September 30, 2018 and 2017, depreciation expense of property and equipment amounted to $21,931 and $4,256, respectively, of which, $819 and $502 was included in real property operating expenses, $16,220 and $0 was included in costs of development services and sales of developed products, and $4,892 and $3,754 was included in other operating expenses, respectively.

 

For the nine months ended September 30, 2018 and 2017, depreciation expense of property and equipment amounted to $42,509 and $5,469, respectively, of which, $2,457 and $502 was included in real property operating expenses, $25,852 and $0 was included in costs of development services and sales of developed products, and $14,200 and $4,967 was included in other operating expenses, respectively.