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Fixed Assets | 12 Months Ended
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Dec. 31, 2024
Property, Plant and Equipment [Abstract] |
Fixed Assets | Fixed Assets Fixed assets at December 31, 2024 and 2023 consisted of the following:
| Cost |  | Accumulated Depreciation and Amortization |  | Net Book Value
As of December 31, 2024 |  |  |  |  |
Leasehold improvements | $ | 11,761,522 |  |  | $ | (8,390,612) |  |  | $ | 3,370,910 |
Research and development equipment | 2,835,298 |  |  | (2,571,747) |  |  | 263,551 |
Office furniture and fixtures | 2,431,633 |  |  | (2,416,232) |  |  | 15,401 |
Computer equipment and other | 3,093,812 |  |  | (3,083,856) |  |  | 9,956 |
| $ | 20,122,265 |  |  | $ | (16,462,447) |  |  | $ | 3,659,818 |
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 |
Depreciation expense for the years ended December 31, 2024 and 2023 was $1.8 million and $2.6 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, 2024, the Company sold fixed assets with no net book value for a gain of $59,000 and disposed of fixed assets with a net book value of $37,000. 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.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-7 + Details
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