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PROPERTY AND EQUIPMENT
 6 Months Ended
Jun. 30, 2024
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 6 – PROPERTY AND EQUIPMENT

 

Property and equipment consist of the following:

         
   June 30, 2024   December 31, 2023 
         
Office equipment  $154,500   $146,196 
Lab equipment   10,311,859    8,937,847 
Furniture   74,119    74,119 
Leasehold improvements   415,691    396,111 
Software   125,943    111,077 
    11,082,112    9,665,350 
Less: Accumulated depreciation   5,270,207    4,674,560 
           
   $5,811,905   $4,990,790 

  

Depreciation expense for the three months ending June 30, 2024 and 2023 was $395,928 and $236,419, respectively. Depreciation expense for the six months ending June 30, 2024 and 2023 was $761,491 and $492,344, respectively. During the three months ending June 30, 2024, the Company retired fully depreciated property and equipment with the cost of $5,869. During the six months ending June 30, 2024, the Company retired property and equipment with a cost of $169,010 and accumulated depreciation of $165,844 for a loss of $3,166. During the three and six months ending June 30, 2023, the Company sold equipment for proceeds of $590 and a loss of $581.