Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

v3.23.2
PROPERTY AND EQUIPMENT
 6 Months Ended
Jun. 30, 2023
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 2 — PROPERTY AND EQUIPMENT

 

Property and equipment consists of the following at:

 

    June 30, 2023   December 31, 2022  
               
Furniture and office equipment   $ 1,345,456   $ 1,456,745  
Leasehold improvements     1,933,591     2,413,820  
Manufacturing equipment and tooling     2,952,214     2,810,813  
Total property and equipment     6,231,261     6,681,378  
Less: accumulated depreciation and amortization     (2,419,418 )   (2,794,403 )
Property and equipment, net   $ 3,811,843   $ 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 expense was $196,865 and $110,478 for the three months ended June 30, 2023 and 2022, respectively, and $394,099 and $204,562 for the six months ended June 30, 2023 and 2022, respectively.