v3.22.4
PROPERTY AND EQUIPMENT
 3 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 5 – 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

  

December 31,

2022

  

September 30,

2022

 
Laboratory equipment   5   $597,059   $597,059 
Furniture   5    24,567    24,567 
Leasehold improvements   5    353,826    353,826 
Computer equipment   3    76,470    68,490 
Property and equipment gross        1,051,922    1,043,942 
Less accumulated depreciation        (396,702)   (357,815)
Property and equipment, net       $655,220   $686,127 

 

 

THERALINK TECHNOLOGIES, INC.

CONDENSED NOTES TO UNAUDITED FINANCIAL STATEMENTS

DECEMBER 31, 2022

(UNAUDITED)

 

For the three months ended December 31, 2022 and 2021, depreciation expense related to property and equipment amounted to $38,887 and $35,965, 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 7 under financing lease right-of-use (“ROU”) assets and financing lease liabilities.