XML 21 R11.htm IDEA: XBRL DOCUMENT v3.22.2.2
Fixed Assets
9 Months Ended
Sep. 30, 2022
Fixed Assets  
Fixed Assets

Note 5 – Fixed Assets

Fixed Assets consisted of the following:

​

​

​

​

​

​

​

​

​

​

September 30, 

​

December 31, 

​

    

2022

    

2021

Tooling and Manufacturing Equipment

​

$

11,639,721

​

$

6,612,811

Leaseholds

​

 

826,329

​

 

797,059

Computers and Purchased Software

​

 

1,054,127

​

 

980,561

Furniture and Equipment

​

 

2,673,787

​

 

2,661,346

​

​

 

16,193,964

​

 

11,051,777

Less: Accumulated Depreciation

​

 

(6,669,786)

​

 

(5,861,339)

Fixed Assets, Net

​

$

9,524,178

​

$

5,190,438

​

On April 27, 2022, the Company signed a purchase order for new manufacturing equipment upgrades to further our waveguide production capabilities. The purchase order totaled $2,162,481 and the Company made a down payment of $1,050,748 at that time and this deposit has been included in construction-in-progress in Tooling and Manufacturing Equipment until the assets are placed into service. The Company expects to take delivery of this new waveguide equipment by the end of 2022.

​

On May 12, 2022, the Company signed a series of agreements with Atomistic SAS, which provided for an exclusive license by the Company of key mLED technology and for the custom design of a backplane chip (the “Atomistic Agreements”), for cash commitments totaling $30 million along with equity issuance commitments to be made by the Company relating exclusively to the achievement of performance milestones by Atomistic (See Note 10 – Capital Stock for further details). $15 million of these cash commitments are for the design of the backplane chip, all of which is custom to the Company.

​

During the three months ended September 30, 2022, the Company made an additional progress payment of $1,500,000 towards this custom chip tooling asset, in addition to the $4,029,120 progress payments made to-date. These payments, totaling $5,529,120 are included in construction-in-progress in Tooling and Manufacturing Equipment until the asset is placed into service in the next 18 to 21 months. The remaining $9,470,880 commitment towards this custom backplane is expected to be paid over the same period as referenced above.