Property and Equipment

3 Months Ended

Mar. 31, 2022

Property and Equipment

Property and Equipment

6. Property and Equipment

Property and equipment are recorded at cost and depreciated using the straight-line method over their estimated useful lives, ranging generally from three to eight years. Expenditures for maintenance and repairs are charged to expense as incurred.

Property and equipment consist of the following at:

	March 31,		December 31,
	2022		2021
Lab equipment	$	3,483,311	$	3,178,855
Computers		85,070		85,071
Furniture and fixtures		66,106		66,106
Leasehold improvements		22,563		22,563
Construction-in-process		1,095,912		309,620
Total		4,752,962		3,662,215
Accumulated depreciation		(1,654,297)		(1,503,736)
Property and equipment, net	$	3,098,665	$	2,158,479

Depreciation expense was $150,562 and $72,078 for the three months ended March 31, 2022 and 2021, respectively.