Annual report pursuant to Section 13 and 15(d)

Property and Equipment, Net

Property and Equipment, Net

12 Months Ended

Dec. 31, 2015

Property, Plant and Equipment [Abstract]

NOTE 4 – PROPERTY AND EQUIPMENT, net

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

	December 31, 2014			December 31, 2014
Information technology equipment	$	31,892		$	31,892
Furniture and office equipment		-			10,161
		31,892			42,053
Less accumulated depreciation		(17,969	)		(21,442	)
Total property and equipment, net	$	13,923		$	20,611

Depreciation expense was $6,688 and $7,063 for the years ended December 31, 2015 and 2014, respectively.

During the years ended December 31, 2015 and 2014, the Company wrote off $10,161 and $992,797, respectively, of fully depreciated property and equipment. There was no effect on the statement of operations for the years ended December 31, 2015 and 2014, respectively.

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.