Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.21.2
Property and Equipment
6 Months Ended
Jun. 30, 2021
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 the estimated useful lives, ranging generally from three to eight years. Construction-in-process primarily consists of equipment being built but not yet placed into service. Expenditures for maintenance and repairs are charged to expense as incurred.

Property and equipment consist of the following at:

June 30, 

December 31, 

    

2021

    

2020

Lab equipment

$

2,572,219

$

1,607,238

Computers

 

85,071

 

71,058

Furniture and fixtures

 

66,106

 

64,523

Leasehold improvements

 

22,563

 

22,563

Construction-in-process

 

2,659,101

 

Total

 

5,405,060

 

1,765,382

Accumulated depreciation

 

(1,258,949)

 

(1,089,120)

Property and equipment, net

$

4,146,111

$

676,262

Depreciation expense was $105,632 and $177,710 for the three and six months ended June 30, 2021, respectively, and $56,670 and $99,242 for the three and six months ended June 30, 2020, respectively.