Quarterly report pursuant to Section 13 or 15(d)

Property and equipment

v3.5.0.2
Property and equipment
 9 Months Ended
Sep. 30, 2016
Property, Plant and Equipment [Abstract]  
Property and equipment
Note 3. Property and equipment:

Property and equipment consisted of the following:

   
September 30,
2016
(Unaudited)
    
December 31,
2015
  
             
Land and improvements
  
$
-
    
$
1,107,508
  
Building
    
-
      
2,589,231
  
Building improvements
    
-
      
253,526
  
Laboratory equipment
    
92,402
      
848,014
  
Office and computer equipment
    
117,259
      
318,254
  
     
209,661
      
5,116,533
  
Less accumulated depreciation
    
114,274
      
3,162,037
  
   
$
95,387
    
$
1,954,496
  

Depreciation expense totaled approximately $5,200 and $36,000, and $5,900 and $114,000, for the three and nine month periods ended September 30, 2016 and 2015, respectively.

On February 25, 2016, the Company completed the sale of its corporate headquarters, land, building and certain fixtures and equipment to a third party for a purchase price of approximately $4,000,000. The sale resulted in a gain of approximately $1,900,000 and generated approximately $1,700,000 in net cash after expenses and mortgage payoffs. The Company is leasing back space in the building under a short-term lease agreement that provide storage space.