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

Note 7 – Property and Equipment

 

   March 31,   December 31, 
Classification  2023   2022 
Hardware & Equipment  $1,385,988   $1,026,829 
Software   38,484    18,889 
Total cost of property and equipment   1,424,471    1,045,718 
Accumulated depreciation   115,371    70,549 
Property and equipment, net  $1,309,100   $975,169 

 

The Company acquired $378,753 of Property and Equipment during the three months ended March 31, 2023. It is the Company’s policy to capitalize purchases of property and equipment with a cost of $2,500 or more that benefit future periods. The Company depreciates computer and laboratory equipment over a period of five years and software over a period of three years. Maintenance and repairs are charged to operations when incurred. When property and equipment are sold or otherwise disposed, the asset account and related accumulated depreciation and amortization accounts are relieved, and any gain or loss is included in other income or expense.