• Filing Date: 2016-03-30
  • Form Type: 10-K
  • Description: Annual report
v3.3.1.900
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
12 Months Ended
Dec. 31, 2015
Property And Equipment
Property and equipment consisted of the following at December 31:
 
 
 
2015
 
2014
 
Furniture and fixtures
 
$
59,128
 
$
38,850
 
Laboratory equipment
 
 
387,872
 
 
278,453
 
Leasehold improvements
 
 
45,274
 
 
23,744
 
 
 
 
492,274
 
 
341,047
 
Less accumulated depreciation
 
 
(173,708)
 
 
(111,592)
 
Property and equipment, net
 
$
318,566
 
$
229,455
 
Summary of future amortization expense
A summary of future amortization expense as of December 31, 2015 is as follows:
 
Years ended
 
Amortization Expense
 
2016
 
$
48,749
 
2017
 
 
48,749
 
2018
 
 
43,733
 
2019
 
 
43,277
 
2020
 
 
4,330
 
Thereafter
 
 
2,165
 
Fair Value Measurements
The following table summarizes fair value measurements by level at December 31, 2015 for assets and liabilities measured at fair value on a recurring basis:
 
 
December 31, 2015
 
 
 
Level I
 
Level II
 
Level III
 
Total
 
Marketable securities
 
$
7,999,010
 
$
-
 
$
-
 
$
7,999,010