Property and Equipment, net

12 Months Ended

Dec. 31, 2022

Property and Equipment, net

Property and Equipment, net

2. Property and Equipment, net

Property and equipment are stated at cost less accumulated depreciation and consist of the following at December 31, 2022 and 2021:

	December 31,
	2022			2021
Machinery and equipment	$	1,063,765		$	938,047
Furniture and fixture		620,064			47,960
Construction in process		-			232,729
Total cost		1,683,829			1,218,736
Less: accumulated depreciation		(308,153	)		(31,034	)
Property and equipment, net	$	1,375,676		$	1,187,702

Depreciation expense for the year ended December 31, 2022 and 2021 was $291,706 and $31,395, respectively.

Construction in process for the year ended December 31, 2021 was $232,729, which represents assets not available for their intended use as of the balance sheet date and was subsequently transferred to machinery and equipment, and furniture and fixture.

We acquired machinery and equipment in the amount of $944,152 from Ainos KY pursuant to the Asset Purchase Agreement dated November 18, 2021. Refer to Note 6 for the related information.

The increase of furniture and fixture in 2022 was mainly related to a new office.