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PROPERTY AND EQUIPMENT, NET
 3 Months Ended
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:

 

   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.