v3.22.4
PROPERTY AND EQUIPMENT
 12 Months Ended
Sep. 30, 2022
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 6 – PROPERTY AND EQUIPMENT

 

Property and equipment are recorded at cost. Once placed in service, they are depreciated on the straight-line method over their estimated useful lives. Leasehold improvements are accreted over the shorter of the estimated economic life or related lease terms. Property and equipment consist of the following:

  

Estimated

Useful Life in

Years

  

September 30,

2022

  

September 30,

2021

 
             
Laboratory equipment   5   $597,059   $470,159 
Furniture   5    24,567    24,567 
Leasehold improvements   5    353,826    349,115 
Computer equipment   3    68,490    68,490 
Property and equipment gross        1,043,942    912,331 
Less accumulated depreciation        (357,815)   (213,404)
Property and equipment, net       $686,127   $698,927 

 

For the years ended September 30, 2022 and 2021, depreciation expense related to property and equipment amounted to $144,411 and $139,362, respectively.

 

Leased equipment was not included in the table above as it was accounted for in accordance with ASU 842 – Leases. These leases are discussed in Note 8 under financing lease right-of-use (“ROU”) assets and financing lease liabilities.