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Property, Plant and Equipment | 6 Months Ended
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Jun. 30, 2024
Property, Plant and Equipment |
Property, Plant and Equipment | Note 3 – Property, Plant and Equipment Property, plant and equipment are summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, 2024 |  | December 31, 2023 | ​
Production equipment | ​ | $ | 36,473 | ​ | $ | 36,086 | ​
Laboratory equipment | ​ | ​ | 11,275 | ​ | ​ | 9,910 | ​
Leasehold improvements | ​ |  | 59,394 | ​ |  | 59,109 | ​
Furniture and computer equipment | ​ |  | 4,046 | ​ |  | 3,915 | ​
Construction in progress | ​ |  | 20,015 | ​ |  | 13,650 | ​
Total cost | ​ |  | 131,203 | ​ |  | 122,670 | ​
Accumulated depreciation | ​ |  | (31,476) | ​ |  | (23,514) | ​
Net property and equipment | ​ | $ | 99,727 | ​ | $ | 99,156 | ​
​ Depreciation expenses for dedicated laboratory equipment and production equipment are charged to research and development. The other depreciation expenses are included in the Company’s overhead and are allocated across Operating Expenses based on Company personnel costs incurred. Depreciation expense related to property, plant and equipment are summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30, | ​
​ |  | 2024 |  | 2023 | ​ | 2024 |  | 2023 | ​
Depreciation expense | ​ | $ | 4,061 | ​ | $ | 2,639 | ​ | $ | 7,966 | ​ | $ | 4,898 | ​
​ The Company expanded its electrolyte production to produce larger quantities of electrolyte material required to feed cell-production lines and continue research and development efforts at SP2. The Company began producing electrolyte at SP2 in 2023. The Company is developing a design verification plan and report lab at SP2 to improve and test process developments, which is anticipated to be placed in service by the end of 2024.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Construction in progress | ​ | June 30, 2024 | ​ | December 31, 2023 | ​
SP1 - Capital projects | ​ | $ | 3,797 | ​ | $ | 2,298 | ​
SP2 - Increased scale electrolyte production | ​ | ​ | 16,218 | ​ | ​ | 11,352 | ​
Total | ​ | $ | 20,015 | ​ | $ | 13,650 | ​
​

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