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Fixed Assets | 12 Months Ended
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Dec. 31, 2022
Fixed Assets [Abstract] |
FIXED ASSETS | NOTE 5 – FIXED ASSETS The Company’s fixed assets include the following on December 31, 2022:
|  | Cost Basis |  |  | Accumulated Depreciation |  |  | Net |
Computers |  | $ | 376,429 |  |  | $ | (197,907 | ) |  | $ | 178,522 |
Lab Equipment |  |  | 2,572,720 |  |  |  | (579,015 | ) |  |  | 1,993,705 |
Office Furniture |  |  | 56,656 |  |  |  | (8,200 | ) |  |  | 48,456 |
Other Fixed Assets |  |  | 8,605 |  |  |  | (1,224 | ) |  |  | 7,381 |
Leasehold Improvements |  |  | 120,440 |  |  |  | (29,641 | ) |  |  | 90,799 |
Total Fixed Assets |  | $ | 3,134,850 |  |  | $ | (815,987 | ) |  | $ | 2,318,863 |
The Company’s fixed assets include the following on December 31, 2021:
|  | Cost Basis |  |  | Accumulated Depreciation |  |  | Net |
Computers |  | $ | 312,489 |  |  | $ | (75,053 | ) |  | $ | 237,436 |
Lab Equipment |  |  | 2,240,252 |  |  |  | (306,688 | ) |  |  | 1,933,564 |
Office Furniture |  |  | 90,757 |  |  |  | (4,857 | ) |  |  | 85,900 |
Other Fixed Assets |  |  | 10,809 |  |  |  | (412 | ) |  |  | 10,397 |
Total Fixed Assets |  | $ | 2,654,307 |  |  | $ | (387,010 | ) |  | $ | 2,267,297 |
Depreciation expense was $428,977 and $369,236, for the years ended December 31, 2022 and 2021, respectively. None of the Company’s fixed assets serve as collateral against any loans as of December 31, 2022 and December 31, 2021, other than those subject to the financed asset liability. As of December 31, 2022 and 2021, the fixed assets that serve as collateral subject to the financed asset liability have a carrying value of $1,359,091 and $1,690,420, respectively. Financed Assets: In October 2020, the Company purchased two pieces of lab equipment and financed them for a period of twenty-four months with a monthly payment of $19,487, with an interest rate of 8%. In January of 2021, the Company purchased one piece of lab equipment and financed it for a period of twenty-four months with a monthly payment of $9,733, with an interest rate of 8%. In March of 2021, the Company purchased five pieces of lab equipment and financed them for a period of twenty-four months with a monthly payment of $37,171, with an interest rate of 8%. Maturities as follows:
2023 |  | $ | 111,512 |
2024 |  |  | - |
2025 |  |  | - |
2026 |  |  | - |
2027 |  |  | - |
Thereafter |  |  | - |
Total Payments |  | $ | 111,512 |

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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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