v3.23.3
Fixed Assets
 9 Months Ended
Sep. 30, 2023
Fixed Assets  
Fixed Assets

​

​

Note 5 – Fixed Assets

Fixed Assets consisted of the following:

​

​

​

​

​

​

​

​

​

​

September 30, 

​

December 31, 

​

    

2023

    

2022

Tooling and Manufacturing Equipment

​

$

8,966,430

​

$

6,065,445

Leaseholds

​

 

1,764,946

​

 

826,329

Computers and Purchased Software

​

 

817,207

​

 

760,256

Furniture and Equipment

​

 

2,580,907

​

 

2,487,650

​

​

 

14,129,490

​

 

10,139,680

Less: Accumulated Depreciation

​

 

(7,079,761)

​

 

(6,261,175)

Fixed Assets, Net

​

$

7,049,729

​

$

3,878,505

​

During the nine months ended September 30, 2023, the Company invested $3,608,801 in tooling and manufacturing equipment and leasehold improvements, mostly attributable to the Company’s new waveguide expansion project. Construction on the Company’s new facility began late in December 2022 and the Company expects the construction to be completed by the end of November 2023.

Total depreciation expense for fixed assets, not included in cost of sales, for the three months ended September 30, 2023, and 2022 was $102,677 and $97,449, respectively. Total depreciation expense for fixed assets, not included in cost of sales, for the nine months ended September 30, 2023, and 2022 was $317,061 and $326,480, respectively.