Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.21.2
Property and Equipment
9 Months Ended
Sep. 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. Expenditures for maintenance and repairs are charged to expense as incurred.

Property and equipment consist of the following at:

September 30, 

December 31, 

    

2021

    

2020

Lab equipment

$

2,800,198

$

1,607,238

Computers

 

85,071

 

71,058

Furniture and fixtures

 

66,106

 

64,523

Leasehold improvements

 

22,563

 

22,563

Construction-in-process

 

167,160

 

Total

 

3,141,098

 

1,765,382

Accumulated depreciation

 

(1,374,200)

 

(1,089,120)

Property and equipment, net

$

1,766,898

$

676,262

Depreciation expense was $115,251 and $292,960 for the three and nine months ended September 30, 2021, respectively, and $58,853 and $158,095 for the three and nine months ended September 30, 2020, respectively.