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Property and Equipment
 3 Months Ended
Mar. 31, 2023
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

7. PROPERTY AND EQUIPMENT

 

Property and equipment consisted of the following at March 31, 2023 and December 31, 2022:

 

   Depreciable
lives		  March 31,
2023		   December 31,
2022		 
Construction-in-process     $768,850   $375,466 
Furniture, fixtures, and equipment  3-5 years   143,649    136,942 
Software  3-5 years   4,457    4,457 
Lab equipment  3-5 years   1,275,958    1,268,380 
Leasehold improvements  Shorter of useful life of life of lease   43,231    43,231 
       2,236,145    1,828,476 
Less: accumulated depreciation      (716,423)   (596,406)
Property and equipment, net     $1,519,722   $1,232,070 

 

The Company reviews long-lived assets for impairment when events, expectations, or changes in circumstances indicate that the asset’s carrying value may not be recoverable. As a result of this review in the first quarter of 2023, no impairment was recorded, however, the Company revised the useful life of certain lab equipment in the first quarter of 2023 due to a change in expectations of the time the equipment will be used which resulted in approximately $45,000 of additional depreciation recorded in the three months ended March 31, 2023.