FIXED ASSETS

12 Months Ended

Dec. 31, 2022

FIXED ASSETS [Abstract]

FIXED ASSETS

NOTE 4 — FIXED ASSETS:

Fixed assets consist of the following at December 31:

	December 31
	2022			2021
Machinery and Equipment	$	13,848,792		$	12,500,235
Furniture and Fixtures		11,996			6,631
Computer Equipment		468,185			465,576
Leasehold Improvements		3,027,861			2,933,159
Enterprise Business Systems		2,953,221			2,953,221
Subtotal:		20,310,055			18,858,822
Less: Accumulated Depreciation and Amortization		(12,155,404	)		(10,302,049	)
	$	8,154,651		$	8,556,773

Depreciation expense for the 2022 and 2021 years totaled $1.9 million  and $1.8 million, respectively.

Effective May 2021, the Company discontinued its operations in Malaysia. Impairment charges recorded for the Malaysian fixed assets, net for the year ended December 31, 2022 and 2021 were $0 and $0.1 million, respectively.

As of December 31, 2022 and 2021, the Company has purchased manufacturing equipment that is not yet in use and therefore has not been depreciated, aggregating $3,192,824 and $1,970,652, respectively. These balances are reflected under the Machinery and Equipment line on the table above.