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Fixed Assets | 6 Months Ended
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Jun. 30, 2025
Fixed Assets [Abstract] |
FIXED ASSETS | NOTE 4 – FIXED ASSETS The Company’s fixed assets include the following on June 30, 2025:
|  | Cost Basis |  |  | Accumulated Depreciation |  |  | Net |
Computers |  | $ | 378,480 |  |  | $ | (377,411 | ) |  | $ | 1,069 |
Lab Equipment |  |  | 2,697,987 |  |  |  | (1,351,895 | ) |  |  | 1,346,092 |
Office Furniture |  |  | 56,656 |  |  |  | (24,223 | ) |  |  | 32,433 |
Other Fixed Assets |  |  | 136,939 |  |  |  | (131,708 | ) |  |  | 5,231 |
Leasehold Improvements |  |  | 120,440 |  |  |  | (92,989 | ) |  |  | 27,451 |
Total Fixed Assets |  | $ | 3,390,502 |  |  | $ | (1,978,226 | ) |  | $ | 1,412,276 |
The Company’s fixed assets include the following on December 31, 2024
|  | Cost Basis |  |  | Accumulated Depreciation |  |  | Net |
Computers |  | $ | 378,480 |  |  | $ | (374,360 | ) |  | $ | 4,120 |
Lab Equipment |  |  | 2,697,987 |  |  |  | (1,235,236 | ) |  |  | 1,462,751 |
Office Furniture |  |  | 56,656 |  |  |  | (21,535 | ) |  |  | 35,121 |
Other Fixed Assets |  |  | 136,939 |  |  |  | (131,278 | ) |  |  | 5,661 |
Leasehold Improvements |  |  | 120,440 |  |  |  | (80,319 | ) |  |  | 40,121 |
Total Fixed Assets |  | $ | 3,390,502 |  |  | $ | (1,842,728 | ) |  | $ | 1,547,774 |
Depreciation expense was $67,047 and $157,197 for the three months ended June 30, 2025 and 2024, respectively. Depreciation expense was $135,498 and $300,129 for the six months ended June 30, 2025 and 2024, respectively. As of June 30, 2025 and December 31, 2024, the fixed assets that serve as collateral subject to the financed asset liability have a carrying value of $936,486 and $1,898,243, respectively. Fixed asset activity for the six months ended June 30, 2025 consisted of the following:
|  | For the six months ended June 30, 2025 |
As of December 31, 2024 |  | $ | 3,390,502 |
Disposals |  |  | - |
As of June 30, 2025 |  | $ | 3,390,502 |
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%. As of June 30, 2025, the Company has four payments in arrears. 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%. As of June 30, 2025, the Company has four payments in arrears. 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%. As of June 30, 2025, the Company has seven payments in arrears. As of June 30, 2025 all lab equipment financing agreements have matured and are in default status.

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