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v3.22.2.2

Property and Equipment | 9 Months Ended
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Sep. 30, 2022
Property and equipment: |
Property and Equipment | Note 7 – Property and Equipment Property and equipment at September 30, 2022 and December 31, 2021, consists of the following:
Property and equipment |  |  |  |  |  |  |  |
|  | September 30, |  |  | December 31, |
|  | 2022 |  |  | 2021 |
Office equipment |  | $ | 13,872 |  |  | $ | 13,872 |
Machinery |  |  | 1,629,732 |  |  |  | 1,478,022 |
Software |  |  | 70,000 |  |  |  | 70,000 |
Website |  |  | 71,589 |  |  |  | 71,589 |
Leasehold improvements |  |  | 1,232,055 |  |  |  | 1,257,869 |
Construction in progress |  |  | 2,175,241 |  |  |  | – |
|  |  | 5,192,489 |  |  |  | 2,891,352 |
Less: Accumulated depreciation and amortization |  |  | (432,591 | ) |  |  | (210,096 | )
Total property and equipment, net |  | $ | 4,759,898 |  |  | $ | 2,681,256 |
Construction in progress consists of costs incurred to build our second and third freeze driers, and to build out our offices within our facility in Irving Texas. These costs will be capitalized as Machinery and Leasehold Improvements, respectively, upon completion. On July 1, 2022, the Company disposed of certain leasehold improvements that were damaged. The Company received proceeds on the disposal of $62,308 pursuant to a settlement with the manufacturer, resulting in a gain on the disposal of property and equipment of $36,392, which represented the proceeds received, less the net book value at the time of disposal. The Company recognized depreciation of $223,887 and $129,915 for the nine months ended September 30, 2022 and 2021, respectively. For the nine months ended September 30, 2022, $21,841 of the depreciation expense was allocated to inventory overhead, resulting in $202,416 of depreciation expense.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=126982197&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI https://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI https://asc.fasb.org/extlink&oid=126982197&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126982197&loc=d3e99779-112916 + Details
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