Annual report pursuant to Section 13 and 15(d)

Property and Equipment

v3.19.2
Property and Equipment
12 Months Ended
Mar. 31, 2019
Property, Plant and Equipment [Abstract]  
Property and Equipment

Property and equipment consists of the following:

 

    March 31,
    2019   2018
         
 Laboratory equipment   $ 892,500     $ 888,300  
 Tenant improvements     214,400       26,900  
 Computers and network equipment     54,600       54,600  
 Office furniture and equipment     84,600       79,700  
      1,246,100       1,049,500  
                 
 Accumulated depreciation and amortization     (933,400 )     (842,100 )
                 
 Property and equipment, net   $ 312,700     $ 207,400  

 

 

The increase in tenant improvements reflects recently completed construction at our South San Francisco, California offices. Under the terms of our November 2016 lease extension agreement, our landlord has provided a cash reimbursement of $158,600 of such tenant improvement costs. Such reimbursement is a component of the deferred rent liability shown on our Consolidated Balance Sheet at March 31, 2019.

  

The following table summarizes depreciation and amortization expense attributable to owned and leased property and equipment for the fiscal years ended March 31, 2019 and 2018:

 

    Fiscal Years Ended March 31,
    2019   2018
         
 Owned assets   $ 88,300     $ 77,800  
 Leased assets     2,900       2,900  
                 
 Total depreciation and amortization   $ 91,200     $ 80,700  

 

Other than certain leased office equipment, none of our assets were subject to third party security interests at March 31, 2019 or 2018.