Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

v3.22.2.2
PROPERTY AND EQUIPMENT
 9 Months Ended
Sep. 30, 2022
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 2 — PROPERTY AND EQUIPMENT

 

Property and equipment consists of the following at:

Schedule of property and equipment

    September 30, 2022   December 31, 2021  
               
Furniture and office equipment   $ 896,655   $ 818,897  
Construction in progress     803,931     —  
Leasehold improvements     1,598,037     556,907  
Manufacturing equipment and tooling     2,646,962     2,042,675  
   Total property and equipment     5,945,585     3,418,479  
Less: accumulated depreciation and amortization     (2,626,973 )   (2,312,034 )
Property and equipment, net   $ 3,318,612   $ 1,106,445  

 

Construction in progress and leasehold improvement increases of $0.8 million and $1.0 million, respectively are due to the new corporate headquarters and manufacturing facility buildout.

 

Depreciation expense was $130,882 and $100,502 for the three months ended September 30, 2022 and 2021, respectively, and $329,526 and $301,469 for the nine months ended September 30, 2022 and 2021, respectively.