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v3.23.1

PROPERTY AND EQUIPMENT, NET | 3 Months Ended
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Mar. 31, 2023
Property, Plant and Equipment [Abstract] |
PROPERTY AND EQUIPMENT, NET | NOTE 6 — PROPERTY AND EQUIPMENT, NET Property and equipment, net consisted of the following at March 31, 2023 and December 31, 2022: SCHEDULE OF PROPERTY AND EQUIPMENT
|  | March 31, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Machinery and equipment |  | $ | 2,692,307 |  |  | $ | 2,510,148 |
Computer equipment |  |  | 369,052 |  |  |  | 395,836 |
Leasehold improvements |  |  | 336,916 |  |  |  | 333,271 |
Molds and tooling |  |  | 260,002 |  |  |  | 260,002 |
Furniture and fixtures |  |  | 144,832 |  |  |  | 144,832 |
Equipment held for lease |  |  | 1,428,414 |  |  |  | 1,399,444 |
Property and equipment, gross |  |  | 5,231,523 |  |  |  | 5,043,533 |
Accumulated depreciation |  |  | (4,634,115 | ) |  |  | (4,623,446 | )
Fixed asset impairment |  |  | (75,000 | ) |  |  | (75,000 | )
Property and equipment, net |  | $ | 522,408 |  |  | $ | 345,087 |
Depreciation expense relating to property and equipment was approximately $20,000 and $23,000 for the three months ended March 31, 2023 and 2022, 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 accounts payable at March 31, 2023. An assignment agreement will be executed by the parties to legally transfer title to this equipment from Sekisui to the Company.

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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://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-7 + Details
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