Property and Equipment

6 Months Ended

Jun. 30, 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:

	June 30,		December 31,
	2022		2021
Lab equipment	$	3,534,846	$	3,178,855
Construction-in-process		3,304,300		309,620
Furniture and fixtures		107,074		66,106
Computers		85,070		85,071
Leasehold improvements		31,819		22,563
Total		7,063,109		3,662,215
Accumulated depreciation		(1,810,513)		(1,503,736)
Property and equipment, net	$	5,252,596	$	2,158,479

Depreciation expense was $156,216 and $306,778 for the three and six months ended June 30, 2022, respectively, and $56,670 and $99,242 for the three and six months ended June 30, 2021, respectively.