Property and Equipment, Net

3 Months Ended

Mar. 31, 2020

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

10. PROPERTY AND EQUIPMENT, NET

Property and equipment are stated at cost when acquired. Depreciation is calculated using the straight-line method over the estimated useful lives of the related assets as follows:

Asset Type	Useful Life
Test equipment, research and development equipment	4-5 years
Computer hardware	2 years
Production fixtures	3 years
Leasehold improvements	5 years
Other	3-5 years

Expenditures for maintenance and repairs are charged to expense as incurred, whereas expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized.

Property and equipment, net consisted of the following as of March 31, 2020 and December 31, 2019:

(Amounts in US$'s)	March 31, 2020			December 31, 2019
Shop machinery and equipment	$	9,451,941		$	8,100,667
Computers and electronics		571,692			558,561
Office furniture and fixtures		303,401			341,214
Leasehold improvements		222,332			222,332
		10,549,366			9,222,774
Less - accumulated depreciation		(7,839,302	)		(7,764,668	)
	$	2,710,064		$	1,458,106

For the three months ended March 31, 2020, the Company did not invest in capital expenditures.

The Company recognized $223,981 and $17,140 of depreciation expense for the three months ended March 31, 2020 and the period January 10, 2019 (Inception) to March 31, 2019, respectively.