Commitments and Contingencies |
6 Months Ended | |||
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Jun. 30, 2015 | ||||
| Commitments and Contingencies Disclosure [Abstract] | ||||
| Commitments and Contingencies |
Operating Leases
Our corporate offices are currently located at 14 Norfolk Avenue, South Easton, Massachusetts 02375. In November 2007, we signed a lease agreement commencing in February 2008 pursuant to which we lease approximately 5,500 square feet of office space. We extended the lease term until December 31, 2015 with a monthly payment of $4,800.
In September 2014 we moved to approximately 855 square feet of lab space in Medford, MA with a monthly payment of $3,094. The lease term runs until December 31, 2017.
Rental costs are expensed as incurred. During the six months ended June 30, 2015 and 2014 we incurred $50,406 and $61,800 in rent expense, respectively for the use of our corporate office and research and development facilities.
Government Grants
We have received a $1 million NIH SBIR Phase II Grant. Under the grant, the NIH has committed to pay the company to develop a high-throughput, high pressure-based DNA Shearing System for Next Generation Sequencing applications.
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