Annual report pursuant to Section 13 and 15(d)

Property and equipment

v3.7.0.1
Property and equipment
12 Months Ended
Dec. 31, 2016
Property, Plant and Equipment [Abstract]  
Property and equipment
Note 3.  Property and equipment:
 
Property and equipment consisted of the following as of December 31:

   
2016
   
2015
 
             
Land and improvements
 
$
   
$
1,107,508
 
Building
   
     
2,589,231
 
Building improvements
   
     
253,526
 
Laboratory equipment
   
35,946
     
848,014
 
Office and computer equipment
   
116,510
     
318,254
 
                 
     
152,456
     
5,116,533
 
Less accumulated depreciation
   
111,323
     
3,162,037
 
                 
   
$
41,133
   
$
1,954,496
 

Depreciation expense totaled approximately $4,000 and $149,000, for the years ended December 31, 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 $1,943,000 and generated approximately $1,809,000 in net cash after expenses and mortgage payoffs. The Company is leasing back space in the building under a short-term lease agreement for storage space.