PROPERTY AND EQUIPMENT

9 Months Ended

Sep. 30, 2021

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

NOTE 3 – PROPERTY AND EQUIPMENT

Equipment for Lease

During the nine months ended September 30, 2021 and 2020, the Company capitalized $45 thousand and $74 thousand (including a $51 thousand deposit made in fiscal 2019) respectively, in connection with the certification and production of the VerifyChecker™ and the Verify Authenticator^TM technology. The Company depreciates equipment for lease over its useful life of five years. Depreciation expense for Equipment for lease was $11 thousand and $38 thousand for the three and nine months ended September 30, 2021, respectfully, and $11 thousand and $34 thousand for the three and nine month ended September 30, 2020, respectively, and is included in general and administrative expense in the accompanying Statements of Operations.

Office Equipment

During the nine months ended September 30, 2021 and 2020, the Company capitalized $8 thousand and $0 thousand respectively, in office equipment. The Company depreciates the office equipment over its useful life of three years. The depreciation expense for office equipment was $1 thousand for the three and nine months ended September 30, 2021 and $0 thousand for the three and nine months ended September 30, 2020 respectively, and is included in general and administrative expense in the accompanying Statement of Operations.