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Fixed Assets
 6 Months Ended
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.