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Saturday, May 15, 2004 8:44:50 AM
During 2004, we anticipate developing the required infrastructure to realize our 2004 operational growth plan, including acquiring or leasing property, equipment and other operating assets.
We are actively seeking to acquire or lease a new building that has 15,000 to 20,000 square feet with additional expansion potential. We estimate that lease costs will be between $15 and $25 per square foot. This does not include leasehold improvements or other associated costs such as utilities, taxes and maintenance. The initial build out of 7,000 square feet is estimated at approximately $780,000 which includes laboratory, office and warehouse space. Additional costs for equipment, furniture and fixtures are estimated at approximately $257,000. Timing of the incurrence of the expense will depend upon the length of time required to find the appropriate facility.
In addition, it is anticipated that new laboratory and computer equipment will be purchased during 2004. Computer purchases for programming, modeling and business use is estimated at approximately $100,000 and scientific and business programs and software at approximately $65,000. Capital expenditures for laboratory equipment are estimated at approximately $500,000 that includes a new robotic SNP machine at a value of approximately $250,000.
During the first quarter of 2004, in line with our capital expenditure plan, we purchased new laboratory equipment for approximately $3,900 and financed new computers for approximately $20,500. Capital expenditures are expected to continue throughout 2004 as our operational plans are realized and cash flow allows.
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