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PROPERTY AND EQUIPMENT, NET
 12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT, NET

NOTE 6 — PROPERTY AND EQUIPMENT, NET

 

Property and equipment, net consisted of the following at December 31, 2022 and December 31, 2021:

 

   December 31,   December 31, 
   2022   2021 
Machinery and equipment  $2,510,148   $2,482,841 
Computer equipment   395,836    345,117 
Leasehold improvements   333,271    333,271 
Molds and tooling   260,002    260,002 
Furniture and fixtures   144,832    143,013 
Equipment held for lease   1,399,444    1,181,211 
Property and equipment, gross   5,043,533    4,745,455 
Accumulated depreciation   (4,623,446)   (4,541,238)
Fixed asset impairment   (75,000)   — 
Property and equipment, net  $345,087   $204,217 

 

Depreciation expense relating to property and equipment was approximately $92,000 and $73,000 for the years ended December 31, 2022 and 2021, respectively.

 

Upon termination of the Sekisui Distribution Agreement on March 31, 2022, the Company had a commitment to purchase leased FastPack rental systems back from Sekisui at Sekisui’s net book value, which was determined to be approximately $154,000. This amount is included in equipment held for lease in the table above and in accrued expenses at December 31, 2022. An assignment agreement is to be executed by both parties to legally transfer title to this equipment from Sekisui to Qualigen.