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Fixed Assets, Net
 12 Months Ended
Dec. 31, 2022
Fixed Assets, Net  
Fixed Assets, Net

Note 5 — Fixed Assets, Net

Fixed Assets consisted of the following:

​

​

​

​

​

​

​

​

​

​

December 31, 

​

December 31, 

​

    

2022

    

2021

Tooling and Manufacturing Equipment

​

$

6,065,445

​

$

6,612,811

Leaseholds

​

 

826,329

​

 

797,059

Computers and Purchased Software

​

 

760,256

​

 

980,561

Furniture and Equipment

​

 

2,487,650

​

 

2,661,346

​

​

 

10,139,680

​

 

11,051,777

Less: Accumulated Depreciation

​

 

(6,261,175)

​

 

(5,861,339)

Fixed Assets, Net

​

$

3,878,505

​

$

5,190,438

​

Total depreciation expense for fixed assets for the years ended December 31, 2022, 2021 and 2020 was $869,502, $1,306,479 and $1,904,282, respectively.

On May 12, 2022, the Company signed a series of agreements with Atomistic SAS, which provided for an exclusive license by the Company of key micro LED technology and for the custom design of a backplane, for cash commitments totaling $30 million along with equity issuance commitments to be made by the Company relating to the certain deliverables and the achievement of milestones by Atomistic. $15 million of the consideration was for the design and construction of the backplane, all of which is custom to the Company. On December 16, 2022, the Company signed new agreements with Atomistic (the “Atomistic Agreements”) that superseded the prior May 12, 2022 agreements, whereby the scope for the construction of a backplane was modified and the Company obtained an additional license in an alternative self-emissive micro LED technology.  As a result, $5,529,120 that was previously recorded to construction-in-process, as of September 30, 2022, is now recognized as a technology license asset at December 16, 2022. This was considered a non-monetary exchange and the Company recorded no gain or loss.