Fixed Assets

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Fixed assets at December 31, 2023 and 2022 consisted of the following:


	Cost		Accumulated Depreciation and Amortization		Net Book Value
As of December 31, 2023
Leasehold improvements	$	15,917,596	$	(11,753,081)	$	4,164,515

Research and development equipment	3,538,698		(3,078,165)		460,533
Office furniture and fixtures	2,827,476		(2,816,577)		10,899
Computer equipment and other	3,529,129		(3,204,090)		325,039
	$	25,812,899	$	(20,851,913)	$	4,960,986
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

Depreciation expense for the years ended December 31, 2023, 2022 and 2021 was $2.6 million, $3.7 million and $3.0 million, respectively. The Company determined that the carrying value of its fixed assets was not impaired during the periods presented. During the year ended December 31, 2023, the Company sold fixed assets with no net book value for a gain of $148,000 and disposed of fixed assets with a net book value of $466,000. 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.