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Fixed Assets

12 Months Ended

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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- References

No definition available.

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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

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