Quarterly report pursuant to Section 13 or 15(d)

Fixed Assets

v3.10.0.1
Fixed Assets
 3 Months Ended
Sep. 30, 2018
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Disclosure [Text Block]
Note 4 Fixed Assets
 
The following is a summary of fixed assets and accumulated depreciation:
 
 
 
Useful
 
 
 
 
 
 
 
 
Life
 
September 30, 2018
 
 
June 30, 2018
 
Furniture and fixtures
 
5 - 7 years
 
$
118,451
 
 
$
118,450
 
Lab equipment
 
3 - 15 years
 
 
474,815
 
 
 
738,415
 
Leasehold Improvements
 
5 - 7 years
 
 
29,296
 
 
 
29,296
 
 
 
 
 
 
622,562
 
 
 
886,161
 
Less: accumulated depreciation and amortization
 
 
 
 
(443,843
)
 
 
(517,787
)
 
 
 
 
$
178,719
 
 
$
368,374
 
 
Depreciation expense was $25,368 and $266,613 for the three months ended September 30, 2018 and 2017, respectively.
  
During the period ended September 30, 2018, the Company completed sales of laboratory and manufacturing fixed assets for an amount of $187,139. This resulted in the Company recording a gain on sale of fixed assets of $22,852.