ENDOCYTE INC | 2013 | FY | 3

7. Property and Equipment

Property and equipment consisted of the following:
 
 
 
 
December 31,
 
 
 
Estimated Useful Lives
 
2012
 
2013
 
Laboratory equipment
 
 
7
 
$
3,748,201
 
$
4,796,393
 
Office equipment and software
 
 
3 – 7
 
 
809,146
 
 
972,789
 
Leasehold improvements
 
 
7
 
 
216,917
 
 
348,901
 
Assets not in service
 
 
 
 
 
526,495
 
 
503,208
 
 
 
 
 
 
 
5,300,759
 
 
6,621,291
 
Less accumulated depreciation
 
 
 
 
 
(2,133,854)
 
 
(2,781,865)
 
 
 
 
 
 
$
3,166,905
 
$
3,839,426
 
Assets not in service represent new laboratory equipment that was not installed and ready to use at December 31, 2012 and 2013. The total amount of depreciation expense for the years ended December 31, 2011, 2012 and 2013 were $262,518, $358,367 and $674,725 respectively.

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