Quarterly report pursuant to Section 13 or 15(d)

4. Property and Equipment

v3.21.1
4. Property and Equipment
3 Months Ended
Mar. 31, 2021
Property, Plant and Equipment [Abstract]  
Property and Equipment

4. Property and Equipment

 

Property and equipment are recorded at cost, net of accumulated depreciation and are comprised of the following:

 

    March 31,
2021
    December 31,
2020
 
Furniture and fixtures   $ 294,204     $ 228,451  
Leasehold improvements     656,314       90,314  
Machinery and Tools     1,401,752       1,456,752  
Office equipment     69,983       104,059  
Software     1,308,387       1,308,387  
Work in process     390,598       269,414  
    $ 4,121,239     $ 3,457,377  
Less:  Accumulated depreciation     (1,032,211 )     (872,579 )
Total property and equipment, net of depreciation   $ 3,089,027     $ 2,584,798  

  

Depreciation on equipment is provided on a straight-line basis over its expected useful lives at the following annual rates.

  

Furniture and fixtures 3 years
Leasehold improvements Lesser of the lease term or estimated useful life
Vehicles 3 years
Office equipment 3 years

 

Depreciation expense for the three months ended March 31, 2021 and 2020 was $194,637 and $4,465 respectively.