Rezolute, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Fixed Assets

Fixed Assets

6 Months Ended

Dec. 31, 2015

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	December 31, 2015		June 30, 2015
Furniture and fixtures	5 - 7 years	$	62,730	$	55,330
Lab equipment	3 - 15 years		2,994,428		889,671
Lab equipment (not yet placed in service)	3 - 15 years		228,350		1,371,441
Leasehold improvements	3 - 7 years		3,143,797		29,296
Construction in process	-		-		2,315,803
			6,429,305		4,661,541
Less: accumulated depreciation and amortization			(355,825)		(136,629)
		$	6,073,480	$	4,524,912

The construction in process was completed as of November 30, 2015 and the balance was recorded into leasehold improvements at which time it began depreciating over the remaining life of the lease. Depreciation expense was $150,225 and $30,513 for the three months ended December, 2015 and 2014, respectively, and was $220,537 and $57,908 for the six months ended December 31, 2015 and 2014, respectively.