Equipment

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Equipment

(7) Equipment

As of June 30, 2022 and December 31, 2021, the Company’s equipment was as follows:

	June 30, 2022		December 31, 2021
Laboratory equipment	$	8,761,701	$	7,431,988
Animal facility		8,357,667		8,357,667
Animal facility equipment		1,143,213		1,253,879
Construction-in-progress		916,224		4,608,778
Leasehold improvements		8,758,850		5,700,364
Vehicles		192,683		135,593
Office furniture and equipment		1,219,696		46,202
Less: accumulated depreciation and amortization		4,512,961		3,220,016
Property, plant and equipment, net	$	24,837,073	$	24,314,455

Depreciation and amortization expense was $749,192 and $258,891, respectively, for the three months ended June 30, 2022 and 2021, and $1,385,427 and $494,850, respectively, for the six months ended June 30, 2022 and 2021.

All tangible personal property with a useful life of at least three years and a unit acquisition cost of $5,000 or more will be capitalized and depreciated over its useful life using the straight-line method of depreciation. The Company will expense the full acquisition cost of tangible personal property below these thresholds in the year of purchase. The basis of accounting for depreciable fixed assets is acquisition cost and any additional expenditures required to make the asset ready for use. The carrying amount at the balance sheet date of long-lived assets under construction-in-progress includes assets purchased, constructed, or being developed internally that are not yet in service. Depreciation commences when the assets are placed in service.

The Company has several ongoing construction projects related to the expansion of its operating capacity. As of June 30, 2022 and December 31, 2021, the Company’s construction-in-progress was as follows:

	June 30, 2022		December 31, 2021
New office space at Headquarters	$	525,626	$	11,183
Laboratory space at Headquarters		—		2,506,482
Laboratory equipment at Headquarters		189,249		246,801
IT equipment at Headquarters		63,538		212,209
Software		137,811		137,811
Bioreactors		—		1,280,728
Other		—		213,564
Total construction-in-progress	$	916,224	$	4,608,778