Fixed Assets

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

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.