Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

v3.22.2
PROPERTY AND EQUIPMENT
 6 Months Ended
Jun. 30, 2022
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 2 — PROPERTY AND EQUIPMENT

 

Property and equipment consists of the following at:

 

    June 30, 2022   December 31, 2021  
               
Furniture and office equipment   $ 867,559   $ 818,897  
Construction in progress     625,296     —  
Leasehold improvements     1,590,417     556,907  
Manufacturing equipment and tooling     2,237,772     2,042,675  
   Total property and equipment     5,321,044     3,418,479  
Less: accumulated depreciation and amortization     (2,497,954 )   (2,312,034 )
Property and equipment, net   $ 2,823,090   $ 1,106,445  

 

Construction in progress and leasehold improvement increases of $0.6 million and $1.0 million, respectively are due to the new corporate headquarters and manufacturing facility buildout.

 

Depreciation expense was $104,560 and $100,564 for the three months ended June 30, 2022 and 2021, respectively, and $198,644 and $200,967 for the six months ended June 30, 2022 and 2021, respectively.