Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

v3.23.1
PROPERTY AND EQUIPMENT
 3 Months Ended
Mar. 31, 2023
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 2 — PROPERTY AND EQUIPMENT

 

Property and equipment consists of the following at:

 

    March 31, 2023   December 31, 2022  
               
Furniture and office equipment   $ 1,325,908   $ 1,456,745  
Leasehold improvements     1,888,245     2,413,820  
Manufacturing equipment and tooling     2,916,577     2,810,813  
   Total property and equipment     6,130,730     6,681,378  
Less: accumulated depreciation and amortization     (2,224,663 )   (2,794,403 )
Property and equipment, net   $ 3,906,067   $ 3,886,975  

 

Leasehold improvements decrease of $0.5 million is due to the write-off of Chester location leasehold improvements resulting from the manufacturing site closure.

 

Depreciation expense was $197,233 and $94,085 for the three months ended March 31, 2023 and 2022, respectively.