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Fixed Assets
6 Months Ended
Jun. 30, 2023
Fixed Assets [Abstract]  
FIXED ASSETS

NOTE 4 – FIXED ASSETS

 

The Company’s fixed assets include the following on June 30, 2023:

 

   Cost Basis   Accumulated
Depreciation
   Net 
Computers  $378,480   $(260,931)  $117,549 
Lab Equipment   2,575,720    (719,859)   1,855,861 
Office Furniture   56,656    (11,033)   45,623 
Other Fixed Assets   8,605    (1,654)   6,951 
Leasehold Improvements   120,440    (42,310)   78,130 
Total Fixed Assets  $3,139,901   $(1,035,787)  $2,104,114 

 

The Company’s fixed assets include the following on December 31, 2022:

 

   Cost Basis   Accumulated
Depreciation
   Net 
Computers  $376,429   $(197,907)  $178,522 
Lab Equipment   2,572,720    (579,015)   1,993,705 
Office Furniture   56,656    (8,200)   48,456 
Other Fixed Assets   8,605    (1,224)   7,381 
Leasehold Improvements   120,440    (29,641)   90,799 
Total Fixed Assets  $3,134,850   $(815,987)  $2,318,863 

 

Depreciation expense was $109,904 and $99,852, for the three months ended June 30, 2023 and 2022, respectively. Depreciation expense was $219,800 and $196,704, for the six months ended June 30, 2023 and 2022, respectively. None of the Company’s fixed assets serve as collateral against any loans as of June 30, 2023 and December 31, 2022, other than those subject to the financed asset liability. As of June 30, 2023 and December 31, 2022, the fixed assets that serve as collateral subject to the financed asset liability have a carrying value of $1,316,830 and $1,359,091, respectively.

 

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, 2023, the Company has one payment 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, 2023, the Company has one payment 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, 2023, the Company has four payments in arrears.

 

As of June 30, 2023 all lab equipment financing agreements have matured.