Property and Equipment
 12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Note 4 - Property and Equipment

The Company’s property and equipment consist of the following amounts as of December 31, 2016 and 2015:

 

                December 31,  
                2016  
          Accumulated     Net Carrying  
    Cost     Depreciation     Value  
    $     $     $  
Computer equipment and computer software     157,002       68,229       88,773  
Laboratory equipment     313,655       151,541       162,114  
Equipment held under capital lease     578,830       183,296       395,534  
Office furniture and equipment     32,932       23,361       9,571  
Buildings     1,378,911       -       1,378,911  
Land     84,124       -       84,124  
                         
      2,545,454       426,427       2,119,027  

 

                December 31,  
                2015  
          Accumulated     Net Carrying  
    Cost     Depreciation     Value  
    $     $     $  
Computer equipment and computer software     72,317       45,731       26,586  
Laboratory equipment     319,209       108,589       210,620  
Equipment held under capital lease     600,325       70,038       530,287  
Office furniture and equipment     34,155       17,843       16,312  
Buildings     -       -       -  
Land     -       -       -  
                         
      1,026,006       242,201       783,805  

 

On April 8, 2015 the Company entered into a five year capital lease to purchase three Tecan machines (automated liquid handling robots) for a total sum of $578,830 (€550,454).

 

Effective, October 25, 2016 the Company entered into a Real Estate Capital Lease Agreement to purchase real property for a total sum of $1,177,736 (€1,120,000). See Note 10(c), for additional details of the building purchase and the capital lease.

 

During the years ended December 31, 2016 and 2015, the Company recognized $222,944 and $150,439 in depreciation expense respectively.