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Property and Equipment
 6 Months Ended
Jun. 30, 2023
Property and Equipment  
Property and Equipment

(7) Property and Equipment

 

Property and equipment consisted of the following at June 30, 2023 and December 31, 2022:

 

 

 

June 30,

 

 

December 31,

 

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

Lab equipment

 

$3,207,051

 

 

$2,455,045

 

Manufacturing equipment

 

 

129,745

 

 

 

129,745

 

Automobiles

 

 

7,335

 

 

 

7,335

 

Computer equipment and software

 

 

206,955

 

 

 

210,240

 

Leasehold improvements

 

 

84,172

 

 

 

78,042

 

Furniture and fixtures

 

 

170,643

 

 

 

148,987

 

 

 

 

 

 

 

 

 

 

Subtotal

 

 

3,805,901

 

 

 

3,029,394

 

Less: Accumulated depreciation

 

 

(1,161,011 )

 

 

(1,005,707 )

 

 

 

 

 

 

 

 

 

Total property and equipment, net

 

$2,644,890

 

 

$2,023,687

 

                                                                  

Depreciation expense for the three months ended June 30, 2023 and 2022, was $78,212 and $57,613, respectively, of which $58,526 and $41,396, respectively were included in cost of goods sold.

Depreciation expense for the six months ended June 30, 2023 and 2022, was $155,304 and $105,461 respectively, of which $116,420 and $80,781 respectively were included in cost of goods sold.

 

Property and equipment purchased in the amount of $234,036 under financing leases is included in the totals above.