Note 10 - Property, Plant and Equipment

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

NOTE 10 – Property, Plant and Equipment

Fixed Assets

The Company’s fixed assets consist of the following:

	December 31, 2022		December 31, 2021
Computers, software and office equipment	$	463,292	$	517,488
Laboratory equipment		3,559,362		3,456,091
Leasehold improvements		535,527		428,596
Manufacturing tooling		121,120		121,120
Demo equipment		31,554		56,614
Total		4,710,855		4,579,909
Less: Accumulated depreciation		2,877,600		2,068,338
Total fixed assets, net	$	1,833,255	$	2,511,571

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, 2022 to evaluate long-lived assets based on a triggering event per ASC 360 and recognized an impairment loss of $3,349,375 on those intangibles. The Company also concluded there was an impairment of its other finite lived tangible assets as of December 31, 2022 and recognized an impairment of $185,469 during the fourth quarter of 2022. See Note 8 – Goodwill and Intangibles.

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 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. See Note 8 – Goodwill and Intangibles.

Depreciation expense was $898,369 and $965,973 in 2022 and 2021, respectively.