Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment, net

v3.23.1
Property and Equipment, net
 9 Months Ended
Sep. 30, 2022
Property, Plant and Equipment [Abstract]  
Property and Equipment, net

Note 6 — Property and Equipment, net

 

As of September 30, 2022 and December 31, 2021, property and equipment consisted of the following:

  

   

September 30, 2022

     December 31, 2021  
Software   $ 1,197     $ 147,792  
Furniture and fixtures     168,059       20,500  
Computers     111,348       7,003  
Leasehold improvements     420,347       18,761  
Equipment     233,782       203,252  
Construction in progress     203,350       -  
Property, plant and equipment,gross     1,138,082       397,309  
Less: accumulated depreciation     (555,240 )     (28,328 )
Total property and equipment, net   $ 582,842     $ 368,981  

 

Depreciation expense for the three months ended September 30, 2022 and 2021 was $144,388 and $70,689, respectively. Depreciation expense for the nine months ended September 30, 2022 and 2021 was $260,100 and $136,312, respectively. During the three months ended September 30, 2022 the Company disposed of fixed assets and the related accumulated depreciation for EVNT and Lomotif totaling $194,624 and $47,055, respectively resulting in a total loss on disposal of $147,569.