Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment, Net

Property and Equipment, Net

9 Months Ended

Sep. 30, 2015

Property, Plant and Equipment [Abstract]

NOTE 4 – PROPERTY AND EQUIPMENT, net

Property and equipment, net, consists of the following as of:

	September 30, 2015			December 31, 2014
	(Unaudited)
Information technology equipment	$	31,892		$	31,892
Furniture and office equipment		10,161			10,161
		42,053			42,053
Less accumulated depreciation		(26,450	)		(21,442	)
Total property and equipment, net	$	15,603		$	20,611

Depreciation expense was $1,670 and $5,008, for the three and nine-months ended September 30, 2015, respectively. Depreciation expense was $1,783 and $5,241, for the three and nine-months ended September 30, 2014, respectively.

During the year ended December 31, 2014, the Company wrote off $992,797 of fully depreciated property and equipment. There was no effect on the statement of operations for the year ended December 31, 2014.

On December 16, 2014, the Company entered into an agreement to sell laboratory equipment with a net book value of $0 for $95,000. One payment of $85,000 was received on December 26, 2014 with the balance being received on January 7, 2015. Final sale took place upon delivery of the equipment in February 2015.