Quarterly report pursuant to Section 13 or 15(d)

Property and equipment

v3.5.0.2
Property and equipment
6 Months Ended
Jun. 30, 2016
Property, Plant and Equipment [Abstract]  
Property and equipment
Note 2. Property and equipment:

Property and equipment consisted of the following:

   
June 30,
2016
(Unaudited)
   
December 31,
2015
 
         
Land and improvements
 
$
-
   
$
1,107,508
 
Building
   
-
     
2,589,231
 
Building improvements
   
-
     
253,526
 
Laboratory equipment
   
-
     
848,014
 
Office and computer equipment
   
64,619
     
318,254
 
                 
     
64,619
     
5,116,533
 
Less accumulated depreciation
   
64,080
     
3,162,037
 
                 
   
$
539
   
$
1,954,496
 

Depreciation expense totaled approximately $400 and $38,000, and $800 and $51,000, for the three and six month periods ended June 30, 2016 and 2015, respectively.

On February 25, 2016, the Company completed the sale of its corporate headquarters, land, building and certain fixtures and equipment to a third party for a purchase price of approximately $4,000,000. The sale resulted in a gain of approximately $1,900,000 and generated approximately $1,700,000 in net cash after expenses and mortgage payoffs. The Company is leasing back space in the building under short-term lease agreements that provide office and storage space required for its current level of operations.