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PROPERTY AND EQUIPMENT
 12 Months Ended
Sep. 30, 2024
PROPERTY AND EQUIPMENT  
PROPERTY AND EQUIPMENT

5. PROPERTY AND EQUIPMENT

 

Property and equipment consisted of the following at September 30:

 

 

 

2024

 

 

2023

 

Research equipment

 

$4,167,828

 

 

$4,109,070

 

Furniture and equipment

 

 

104,593

 

 

 

99,296

 

Leasehold improvements

 

 

13,924,724

 

 

 

13,924,724

 

 

 

 

18,197,145

 

 

 

18,133,090

 

Less: Accumulated depreciation

 

 

(10,067,392)

 

 

(7,944,964)

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

$8,129,753

 

 

$10,188,126

 

 

Depreciation expense for the years ended September 30, 2024 and 2023 totaled approximately $2,135,000 and $2,114,000, respectively, and is included in operating expenses on the accompanying statements of operations.