Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

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PROPERTY AND EQUIPMENT
 9 Months Ended
Sep. 30, 2023
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 2 — PROPERTY AND EQUIPMENT

 

Property and equipment consists of the following at:

 

    September 30, 2023   December 31, 2022  
               
Furniture and office equipment   $ 1,366,553   $ 1,456,745  
Leasehold improvements     1,939,833     2,413,820  
Manufacturing equipment and tooling     3,023,031     2,810,813  
Total property and equipment     6,329,417     6,681,378  
Less: accumulated depreciation and amortization     (2,509,330 )   (2,794,403 )
Property and equipment, net   $ 3,820,087   $ 3,886,975  

 

Leasehold improvements and accumulated amortization each decreased of $0.5 million is due to the closure of the Company’s former Chester, New York office and manufacturing site.

 

Depreciation and amortization expense was $199,880 and $148,635 for the three months ended September 30, 2023 and 2022, respectively, and $593,979 and $353,197 for the nine months ended September 30, 2023 and 2022, respectively.