Leasehold improvements and equipment
|6 Months Ended|
Jun. 30, 2017
|Property, Plant and Equipment [Abstract]|
|Property, Plant and Equipment Disclosure [Text Block]||
NOTE E Leasehold improvements and equipment
Fixed assets, summarized by major category, consist of the following ($ in thousands) for the six months ended June 30, 2017 and year ended December 31, 2016:
Depreciation and amortization expense for the three and six months ended June 30, 2017 was $12 thousand and $25 thousand, respectively. Depreciation and amortization expense for the three and six months ended June 30, 2016 was $13 thousand and $26 thousand, respectively.
On February 12, 2016, the Company entered in a new 36 month capital lease for lab equipment. On May 15, 2017 the Company entered into a second 36 month capital lease for lab equipment. The payments under the leases are accounted for as interest and payments under capital lease using 3 year amortization. During the three and six months ended June 30, 2017 the Company recognized interest expense of $1,194 and $1,697, respectively, associated with the lease payments.
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.
Reference 1: http://www.xbrl.org/2003/role/presentationRef