Balance Sheet Components

12 Months Ended

Dec. 31, 2022

Balance Sheet Components Disclosure [Abstract]

Balance Sheet Components

4. Balance Sheet Components

Financial Instruments

The Company’s short-term investments consisted of U.S. government treasury bills, which are accounted for as held-to-maturity (“HTM”) securities. HTM securities are carried at adjusted cost and, as a result, are not remeasured to fair value on a recurring basis. As of December 31, 2022, the adjusted cost of the Company’s U.S. government treasury bills totaled $12.1 million, which approximated its fair value based on Level 1 inputs. All of the Company’s short-term investments will mature within three months of December 31, 2022. The Company did not hold any investments as of December 31, 2021.

Property and Equipment, Net

Property and equipment is comprised of the following:

	December 31,
	2022			2021
Automobiles	$	397,816		$	279,617
Furniture and fixtures		176,402			133,102
Computer and Equipment		380,457			76,048
Leasehold improvement		93,120			—
Construction work in progress		359,289			—
Property and equipment, gross		1,407,084			488,767
Less: accumulated depreciation		(523,084	)		(385,980	)
Total property and equipment, net	$	884,000		$	102,787

Depreciation expense for the year ended December 31, 2022 and 2021 was $137,105 and $82,389, respectively.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities are comprised of the following:

	December 31,
	2022		2021
Credit card payable	$	5,194	$	11,678
Accrued expenses		283,118		82,478
Accrued payroll		566,608		201,000
Total accrued expenses and other current liabilities	$	854,920	$	295,156

On March 27, 2020, the United States Congress passed the Coronavirus, Aid, Relief and Economic Security Act (the “CARES Act”) in response to the economic impact of the coronavirus (“COVID-19”) pandemic in the United States (see Note 14. Risks and Uncertainties). Section 2302 of the CARES Act allowed employers to defer the deposit and payment of the employer’s share of social security taxes that were otherwise required to be deposited between March 27 and December 31, 2020, and to pay the deferred taxes in two installments — with the first half due on December 31, 2021, and the remainder by December 31, 2022. As of December 31, 2021, the Company remitted $67,958 in social security taxes due that were deferred between May 1 and December 31, 2020. The remaining $67,958 was paid during 2022.