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Note 12 - Property, Plant and Equipment
12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Property, Plant and Equipment Disclosure [Text Block]

NOTE 12 Property, Plant and Equipment

 

Fixed Assets

 

The Company’s fixed assets consist of the following:

 

  

December 31,
2021

  

December 31,
2020

 

Computers, software and office equipment

 $517,488  $1,862,669 

Laboratory equipment

  3,456,091   2,811,011 

Leasehold improvements

  428,596   315,297 

Manufacturing tooling

  121,120   108,956 

Demo equipment

  56,614   56,614 

Total

  4,579,909   5,154,547 

Less: Accumulated depreciation

  2,068,338   1,331,847 

Total fixed assets, net

 $2,511,571  $3,822,700 

 

Upon retirement or sale or fixed assets, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss is reflected in operations expense. Maintenance and repairs are expensed as incurred.

 

The Company prepared an undiscounted cash flow as of December 31, 2021 to evaluate long-lived assets based on a triggering event per ASC 360. The Company concluded that the undiscounted cash flows did not support the carrying values of its Helomics asset group at December 31, 2021. The Company determined the value of the intangibles and the software license acquired were fully impaired as of December 31, 2021 and recognized and impairment loss of $2,893,548 for its long-lived intangible assets and $1,249,727 for the acquired software. The Company concluded there was no impairment of its other finite lived tangible assets as of December 31, 2021.

 

 

Depreciation expense was $965,973 and $711,139 in 2021 and 2020, respectively.