Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.21.2
Property and Equipment
3 Months Ended
Jun. 30, 2021
Property and Equipment  
Note 6 - Property and Equipment

Note 6.  Property and Equipment

 

Property and equipment is composed of the following:

 

 

 

 June 30,

 

 

 March 31,

 

 

 

2021

 

 

2021

 

 

 

 

 

 

 

 

Laboratory equipment

 

$ 1,007,000

 

 

$ 1,003,800

 

Tenant improvements

 

 

214,400

 

 

 

214,400

 

Office furniture and equipment

 

 

92,100

 

 

 

92,100

 

Manufacturing equipment

 

 

211,200

 

 

 

211,200

 

Construction in progress

 

 

146,700

 

 

 

-

 

 

 

 

1,671,400

 

 

 

1,521,500

 

 

 

 

 

 

 

 

 

 

Accumulated depreciation and amortization

 

 

(1,188,600 )

 

 

(1,154,100 )

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

$ 482,800

 

 

$ 367,400

 

We recorded depreciation and amortization expense of $34,500 and $25,400 for the three-month periods ended June 30, 2021 and 2020, respectively. The amount reported above as construction in progress at June 30, 2021 reflects the cost of certain laboratory analytical equipment acquired in connection with the development and manufacture of PH94B drug product. The equipment has not yet been fully validated or placed in service at June 30, 2021. Included in amounts reported above for office furniture and equipment is the right-of-use asset related to a financing lease of certain office equipment. Amounts associated with assets subject to the financing lease are as follows:

 

 

 

June 30,

 

 

March 31,

 

 

 

2021

 

 

2021

 

 

 

 

 

 

 

 

Office equipment subject to financing lease

 

$ 14,700

 

 

$ 14,700

 

Accumulated depreciation

 

 

(13,100 )

 

 

(12,400 )

 

 

 

 

 

 

 

 

 

Net book value of office equipment subject to

 

 

 

 

 

 

 

 

   financing lease

 

$ 1,600

 

 

$ 2,300