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Balance Sheet Components

3 Months Ended

Mar. 31, 2024

4. Balance Sheet Components

Financial Instruments

The Company’s short-term investments consisted of U.S. government treasury bills, which are accounted for as held-to-maturity (“HTM”) securities. HTM securities are carried at amortized cost and, as a result, are not remeasured to fair value on a recurring basis. As of March 31, 2024 and December 31, 2023, the amortized cost of the Company’s U.S. government treasury bills totaled $2.6 million and $4.6 million, respectively, which approximated its fair value based on Level 1 inputs. All of the Company’s short-term investments will mature within one year of March 31, 2024. The Company does not expect a credit loss for its short-term investments.

Prepaid expenses and other current assets

Prepaid expenses and other current assets are comprised of the following:

	March 31, 2024		December 31, 2023
Inventory, net	$	70,280	$	-
Prepaid expenses		437,906		385,474
Security deposits		175,191		155,729
Tax receivables		763,624		765,697
Receivables and current assets		55,114		9,526
Total prepaid and expenses and other current assets	$	1,502,115	$	1,316,426

Property and Equipment, Net

Property and equipment is comprised of the following:

	March 31,			December 31,
	2024			2023
Automobiles	$	656,997		$	616,947
Furniture and fixtures		178,491			178,491
Computer and equipment		529,541			517,181
Capitalized software		444,115			342,136
Leasehold improvements		208,848			458,406
Construction work in progress		518,255			208,848
Property and equipment, gross		2,536,247			2,322,009
Less: accumulated depreciation		(883,865	)		(835,337	)
Total property and equipment, net	$	1,652,382		$	1,486,672

Depreciation expense for the three months ended March 31, 2024 and 2023 was $48,528 and $81,464, respectively.

Accounts Payable

Accounts payable includes independent director fees payable of $42,500 and $41,250 as of March 31, 2024 and December 31, 2023, respectively.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities are comprised of the following:

	March 31, 2024		December 31, 2023
Credit card payable	$	4,699	$	1,103
Accrued expenses		355,910		214,286
Accrued payroll		359,630		985,753
Total accrued expenses and other current liabilities	$	720,239	$	1,201,142