Fixed Assets

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Fixed assets at December 31, 2022 and 2021 consisted of the following:


	Cost		Accumulated Depreciation and Amortization		Net Book Value
As of December 31, 2022
Leasehold improvements	$	15,803,108	$	(10,036,080)	$	5,767,028

Research and development equipment	5,300,104		(4,295,217)		1,004,887
Office furniture and fixtures	2,827,476		(2,803,800)		23,676
Computer equipment and other	5,360,712		(4,428,306)		932,406
	$	29,291,400	$	(21,563,403)	$	7,727,997
As of December 31, 2021
Leasehold improvements	$	15,803,108	$	(8,258,608)	$	7,544,500
Research and development equipment	12,392,916		(4,279,816)		8,113,100
Office furniture and fixtures	2,827,476		(2,599,643)		227,833
Computer equipment and other	5,374,084		(3,806,311)		1,567,773
	$	36,397,584	$	(18,944,378)	$	17,453,206

Depreciation expense for the years ended December 31, 2022, 2021 and 2020 was $3.7 million, $3.0 million and $3.0 million, respectively. The Company determined that the carrying value of these long-lived assets was not impaired during the periods presented. During the year ended December 31, 2022 the Company sold fixed assets with a net book value of $6.1 million and disposed of fixed assets with a net book value of $1.1 million. The Company has recorded a receivable from the sale of these assets of $6.1 million, which is included in prepaid expenses and other current assets on the consolidated balance sheet.