Fixed Assets

9 Months Ended

Sep. 30, 2023

Fixed Assets

Fixed Assets

Note 5 – Fixed Assets

Fixed Assets consisted of the following:

	September 30,		December 31,
	2023		2022
Tooling and Manufacturing Equipment	$	8,966,430	$	6,065,445
Leaseholds		1,764,946		826,329
Computers and Purchased Software		817,207		760,256
Furniture and Equipment		2,580,907		2,487,650
		14,129,490		10,139,680
Less: Accumulated Depreciation		(7,079,761)		(6,261,175)
Fixed Assets, Net	$	7,049,729	$	3,878,505

During the nine months ended September 30, 2023, the Company invested $3,608,801 in tooling and manufacturing equipment and leasehold improvements, mostly attributable to the Company’s new waveguide expansion project. Construction on the Company’s new facility began late in December 2022 and the Company expects the construction to be completed by the end of November 2023.

Total depreciation expense for fixed assets, not included in cost of sales, for the three months ended September 30, 2023, and 2022 was $102,677 and $97,449, respectively. Total depreciation expense for fixed assets, not included in cost of sales, for the nine months ended September 30, 2023, and 2022 was $317,061 and $326,480, respectively.