Annual report pursuant to Section 13 and 15(d)

Property and Equipment

v3.21.2
Property and Equipment
12 Months Ended
Mar. 31, 2021
Property, Plant and Equipment [Abstract]  
Property and Equipment

Property and equipment consists of the following:

 

     March 31,      March 31,  
    2021     2020  
             
 Laboratory equipment   $ 937,400     $ 892,500  
 Tenant improvements     214,400       214,400  
 Information technology equipment     73,900       54,600  
 Office furniture and equipment     84,600       84,600  
 Manufacturing equipment     211,200       -  
      1,521,500       1,246,100  
                 
 Accumulated depreciation and amortization     (1,154,100 )     (1,036,500 )
 Property and equipment, net   $ 367,400     $ 209,600  

 

The following table summarizes depreciation and amortization expense attributable to owned and leased property and equipment for the fiscal years ended March 31, 2021 and 2020:

 

     Fiscal Years Ended March 31,  
    2021     2020  
             
 Owned assets   $ 114,600     $ 100,200  
 Leased assets     3,000       2,900  
 Total depreciation and amortization   $ 117,600     $ 103,100  

 

The amount reported above for manufacturing equipment at March 31, 2021 reflects the cost of certain process equipment acquired in connection with the manufacture of PH94B drug product and placed in service in the fourth quarter of the fiscal year ended March 31, 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 at March 31, 2021 and 2020 are as follows:

 

    March 31,     March 31,  
    2021     2020  
             
Office equipment subject to financing lease   $ 14,700     $ 14,700  
Accumulated depreciation     (12,400 )     (9,400 )
                 
Net book value of office equipment subject to                
   financing lease   $ 2,300     $ 5,300  

 

Other than certain leased office equipment, none of our assets were subject to third party security interests at March 31, 2021 or 2020.