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v3.22.4

Property and Equipment | 12 Months Ended
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Dec. 31, 2022
Property and Equipment |
Property And Equipment | Note 4 - Property and Equipment The Company’s property and equipment consist of the following amounts as of December 31, 2022 and December 31, 2021:
|  |  |  |  |  |  |  |  | December 31, 2022 |
|  |  |  |  |  | Accumulated |  |  | Net Carrying |
|  |  | Cost |  |  | Depreciation |  |  | Value |
| Useful Life |  | $ |  |  | $ |  |  | $ |
Computer hardware and software | 3 years |  |  | 656,759 |  |  |  | 497,306 |  |  |  | 159,453 |
Laboratory equipment | 5 years |  |  | 4,190,289 |  |  |  | 1,951,387 |  |  |  | 2,238,902 |
Office furniture and equipment | 5 years |  |  | 358,575 |  |  |  | 239,436 |  |  |  | 119,139 |
Buildings | 30 years |  |  | 2,054,332 |  |  |  | 298,397 |  |  |  | 1,755,935 |
Building improvements | 5-15 years |  |  | 1,317,132 |  |  |  | 326,337 |  |  |  | 990,795 |
Land | Not amortized |  |  | 128,788 |  |  |  | - |  |  |  | 128,788 |
|  |  |  | 8,705,875 |  |  |  | 3,312,863 |  |  |  | 5,393,012 |
|  |  |  |  |  |  |  |  | December 31, 2021 |
|  |  |  |  |  | Accumulated |  |  | Net Carrying |
|  |  | Cost |  |  | Depreciation |  |  | Value |
| Useful Life |  | $ |  |  | $ |  |  | $ |
Computer hardware and software | 3 years |  |  | 599,944 |  |  |  | 474,169 |  |  |  | 125,775 |
Laboratory equipment | 5 years |  |  | 3,032,108 |  |  |  | 1,434,347 |  |  |  | 1,597,761 |
Office furniture and equipment | 5 years |  |  | 293,427 |  |  |  | 213,244 |  |  |  | 80,183 |
Buildings | 30 years |  |  | 2,177,641 |  |  |  | 243,750 |  |  |  | 1,933,891 |
Building improvements | 5-15 years |  |  | 1,293,258 |  |  |  | 256,309 |  |  |  | 1,036,949 |
Land | Not amortized |  |  | 136,518 |  |  |  | - |  |  |  | 136,518 |
|  |  |  | 7,532,896 |  |  |  | 2,621,819 |  |  |  | 4,911,077 |
During the years ended December 31, 2022 and December 31, 2021, the total capital expenditure was $1.6 million and $1.1 million, respectively, the majority of which was from purchases of laboratory equipment. For further details refer to Note 10 (a) for Finance Leases included in Property, Plant and Equipment. During the years ended December 31, 2022 and December 31, 2021, the Company recognized $865,262 and $812,109, respectively, in depreciation expense.

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