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

Quarterly report pursuant to Section 13 or 15(d)

Fixed Assets

Fixed Assets

9 Months Ended

Mar. 31, 2016

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	March 31, 2016		June 30, 2015
Furniture and fixtures	5 - 7 years	$	62,730	$	55,330
Lab equipment	3 - 15 years		3,378,355		889,671
Lab equipment (not yet placed in service)	3 - 15 years		113,965		1,371,441
Leasehold improvements	3 - 7 years		3,191,792		29,296
Construction in process	-		-		2,315,803
			6,746,842		4,661,541
Less: accumulated depreciation and amortization			(612,229)		(136,629)
		$	6,134,613	$	4,524,912

The construction in process was completed as of December 31, 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 $256,404 and $33,113 for the three months ended March 31, 2016 and 2015, respectively, and was $476,941 and $91,021 for the nine months ended March 31, 2016 and 2015, respectively.