Note 4 - Property and Equipment

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

NOTE 4 – PROPERTY AND EQUIPMENT

The Company’s property and equipment consist of the following:

	As of September 30, 2023			As of December 31, 2022
Computers, software, and office equipment	$	496,382		$	463,292
Leasehold improvements		506,162			535,527
Laboratory equipment		3,661,891			3,559,362
Manufacturing tooling		133,285			121,120
Demo equipment		31,554			31,554
Total		4,829,274			4,710,855
Less: Accumulated depreciation		(3,436,593	)		(2,877,600	)
Total Property and Equipment, Net	$	1,392,681		$	1,833,255

Due to changes in its future projected cash flows, the Company prepared an undiscounted cash flow for its Birmingham asset group as of June 30, 2023 as required under ASC 360 and determined the carrying amount of the asset group exceeded its estimated undiscounted future cash flows. The Company determined the fair value of the Birmingham asset group using replacement cost and market approaches based on the in-exchange value. The Company recognized an impairment loss of $162,905 of its property and equipment in the Birmingham operating segment during the second quarter of 2023.

Depreciation expense, recorded within general and administrative expenses and operations expenses, was $156,124 and $227,135 for the three months ended September 30, 2023 and 2022, respectively, and $560,413 and $669,686 during the nine months ended September 30, 2023 and 2022, respectively.