Quarterly report pursuant to Section 13 or 15(d)

Leasehold improvements and equipment

v3.7.0.1
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:
 
 
 
June 30,
 
December 31,
 
 
 
2017
 
2016
 
Lab equipment
 
$
438
 
 
438
 
Furniture and fixtures
 
 
20
 
 
20
 
Equipment under capital lease
 
 
81
 
 
31
 
Leasehold improvements
 
 
797
 
 
7
 
Total
 
 
1,336
 
 
496
 
Less: accumulated depreciation and  amortization
 
 
165
 
 
140
 
Equipment, net
 
$
1,171
 
$
356
 
 
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.