Annual report pursuant to Section 13 and 15(d)

Fixed Assets

v3.5.0.2
Fixed Assets
 12 Months Ended
Jun. 30, 2016
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Disclosure [Text Block]
Note 6 Fixed Assets
 
The following is a summary of fixed assets and accumulated depreciation:
 
 
 
Useful
 
 
 
 
 
 
 
 
 
Life
 
June 30, 2016
 
June 30, 2015
 
Furniture and fixtures
 
5 - 7 years
 
$
62,730
 
$
55,330
 
Lab equipment
 
3 - 15 years
 
 
3,585,590
 
 
889,672
 
Lab equipment (not yet placed in service)
 
3 - 15 years
 
 
4,025
 
 
1,371,440
 
Leasehold Improvements
 
3 - 7 years
 
 
3,211,575
 
 
29,296
 
Construction in process
 
-
 
 
-
 
 
2,315,803
 
 
 
 
 
 
6,863,920
 
 
4,661,541
 
Less: accumulated depreciation and amortization
 
 
 
 
(879,250)
 
 
(136,629)
 
 
 
 
 
$
5,984,670
 
$
4,524,912
 
 
The fixed assets as of June 30, 2015 included $2,315,803 of construction in process in the buildout of our lab facilities and manufacturing suite. 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 $743,962 and $128,870 for the years ended June 30, 2016 and 2015, respectively.