General form of registration statement for all companies including face-amount certificate companies

Property and Equipment, Net

v3.6.0.2
Property and Equipment, Net
9 Months Ended 12 Months Ended
Sep. 30, 2016
Dec. 31, 2015
Property and Equipment, Net [Abstract]    
Property and Equipment, Net

Note 5—Property and Equipment, Net

 

Property and equipment, net consisted of the following:

 

   

September 30,
2016

(unaudited)

    December 31,
2015
 
Machinery and equipment   $ 4,373,000     $ 4,042,000  
Office furniture and fixtures     217,000       217,000  
Computer equipment and software     176,000       169,000  
Total cost     4,766,000       4,428,000  
Less accumulated depreciation     (1,394,000 )     (1,002,000 )
Net   $ 3,372,000     $ 3,426,000  

  

Assets recorded under capital leases and included in property and equipment in our balance sheets consist of the following:

 

   

September 30,
2016

(unaudited)

    December 31,
2015
 
Machinery and equipment   $ 27,000     $ 27,000  
Computer equipment and software     60,000       46,000  
Total assets under capital lease     87,000       73,000  
Less accumulated amortization     (65,000 )     (46,000 )
Net assets under capital lease   $ 22,000     $ 27,000  

 

Depreciation expense for the three and nine months ended September 30, 2016 and 2015 consisted of the following:  

 

   

Three Months Ended

September 30,

   

Nine Months Ended

September 30,

 
    2016     2015     2016     2015  
Research and development   $ 102,000     $ 90,000     $ 304,000     $ 189,000  
General and administrative     29,000       29,000       88,000       87,000  
    $ 131,000     $ 119,000     $ 392,000     $ 276,000  

 

Depreciation of assets under capital lease was $6,000 and $6,000 for the three months ended September 30, 2016 and 2015, respectively, and $18,000 and $13,000 for the nine months ended September 30, 2016 and 2015, respectively.

Note 5—Property and Equipment, Net

 

Property and equipment, net consisted of the following:

 

    December 31,
2015
    December 31,
2014
 
Machinery and equipment   $ 4,042,000     $ 1,013,000  
Office furniture and fixtures     217,000       198,000  
Computer equipment and software     169,000       149,000  
Total cost     4,428,000       1,360,000  
Less accumulated depreciation     (1,002,000 )     (605,000 )
Net   $ 3,426,000     $ 755,000  

 

Assets recorded under capital leases and included in property and equipment in our balance sheets consist of the following:

 

    December 31,
2015
    December 31,
2014
 
Machinery and equipment   $ 27,000     $ 27,000  
Computer equipment and software     46,000       46,000  
Total assets under capital lease     73,000       73,000  
Less accumulated amortization     (46,000 )     (21,000 )
Net assets under capital lease   $ 27,000     $ 52,000  

 

Depreciation expense for the year ended December 31:

 

    2015     2014  
Research and development   $ 286,000     $ 120,000  
General and administrative     116,000       113,000  
    $ 402,000     $ 233,000  

 

Amortization of assets under capital lease was $25,000 and $20,000 for the years ended December 31, 2015 and 2014, respectively.