Property and Equipment, Net

6 Months Ended

Jun. 30, 2014

5. Property and Equipment, Net

Property and equipment were as follows:

	June 30, 2014			December 31, 2013
	(Unaudited)
Computing equipment and office machines	$	124		$	145,245
Furniture and fixtures	57,375			78,833
Lab equipment	624			—
	58,123			224,078
Less accumulated depreciation	(1,860		)	(212,816		)
Property and equipment, net	$	56,263		$	11,262

For the three and six months ended June 30, 2014, depreciation was $395 and $2,555, respectively. For the three and six months ended June 30, 2013, depreciation was $7,946 and $17,098, respectively. During the three and six months ended June 30, 2014, the Company disposed certain property and equipment resulting in a loss on disposal of $6,056.

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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