v3.24.0.1
Fixed Assets
 9 Months Ended 12 Months Ended
Sep. 30, 2023
Dec. 31, 2022
Fixed Assets [Abstract]    
FIXED ASSETS

NOTE 4 – FIXED ASSETS

 

The Company’s fixed assets include the following on September 30, 2023:

 

   Cost Basis   Accumulated
Depreciation		   Net 
Computers  $378,480   $(292,655)  $85,825 
Lab Equipment   2,585,077    (789,781)   1,795,296 
Office Furniture   56,656    (12,449)   44,207 
Other Fixed Assets   8,605    (1,869)   6,736 
Leasehold Improvements   120,440    (48,645)   71,795 
Total Fixed Assets  $3,149,258   $(1,145,399)  $2,003,859 

 

The Company’s fixed assets include the following on December 31, 2022:

 

   Cost Basis   Accumulated
Depreciation		   Net 
Computers  $376,429   $(197,907)  $178,522 
Lab Equipment   2,572,720    (579,015)   1,993,705 
Office Furniture   56,656    (8,200)   48,456 
Other Fixed Assets   8,605    (1,224)   7,381 
Leasehold Improvements   120,440    (29,641)   90,799 
Total Fixed Assets  $3,134,850   $(815,987)  $2,318,863 

 

Depreciation expense was $109,611 and $99,980 for the three months ended September 30, 2023 and 2022, respectively. Depreciation expense was $329,411 and $296,685 for the nine months ended September 30, 2023 and 2022, respectively. None of the Company’s fixed assets serve as collateral against any loans as of September 30, 2023 and December 31, 2022, other than those subject to the financed asset liability. As of September 30, 2023 and December 31, 2022, the fixed assets that serve as collateral subject to the financed asset liability have a carrying value of $1,316,830 and $1,359,091, respectively.

 

Financed Assets:

 

In October 2020, the Company purchased two pieces of lab equipment and financed them for a period of twenty-four months with a monthly payment of $19,487, with an interest rate of 8%. As of September 30, 2023, the Company has one payment in arrears.

 

In January of 2021, the Company purchased one piece of lab equipment and financed it for a period of twenty-four months with a monthly payment of $9,733, with an interest rate of 8%. As of September 30, 2023, the Company has one payment in arrears.

 

In March of 2021, the Company purchased five pieces of lab equipment and financed them for a period of twenty-four months with a monthly payment of $37,171, with an interest rate of 8%. As of September 30, 2023, the Company has four payments in arrears.

 

As of September 30, 2023, all lab equipment financing agreements have matured.

NOTE 5 – FIXED ASSETS

 

The Company’s fixed assets include the following on December 31, 2022:

 

   Cost Basis   Accumulated
Depreciation		   Net 
Computers  $376,429   $(197,907)  $178,522 
Lab Equipment   2,572,720    (579,015)   1,993,705 
Office Furniture   56,656    (8,200)   48,456 
Other Fixed Assets   8,605    (1,224)   7,381 
Leasehold Improvements   120,440    (29,641)   90,799 
Total Fixed Assets  $3,134,850   $(815,987)  $2,318,863 

 

The Company’s fixed assets include the following on December 31, 2021:

 

   Cost Basis   Accumulated
Depreciation		   Net 
Computers  $312,489   $(75,053)  $237,436 
Lab Equipment   2,240,252    (306,688)   1,933,564 
Office Furniture   90,757    (4,857)   85,900 
Other Fixed Assets   10,809    (412)   10,397 
Total Fixed Assets  $2,654,307   $(387,010)  $2,267,297 

 

Depreciation expense was $428,977 and $369,236, for the years ended December 31, 2022 and 2021, respectively. None of the Company’s fixed assets serve as collateral against any loans as of December 31, 2022 and December 31, 2021, other than those subject to the financed asset liability. As of December 31, 2022 and 2021, the fixed assets that serve as collateral subject to the financed asset liability have a carrying value of $1,359,091 and $1,690,420, respectively.

 

Financed Assets:

 

In October 2020, the Company purchased two pieces of lab equipment and financed them for a period of twenty-four months with a monthly payment of $19,487, with an interest rate of 8%.

 

In January of 2021, the Company purchased one piece of lab equipment and financed it for a period of twenty-four months with a monthly payment of $9,733, with an interest rate of 8%.

 

In March of 2021, the Company purchased five pieces of lab equipment and financed them for a period of twenty-four months with a monthly payment of $37,171, with an interest rate of 8%.

 

Maturities as follows:

 

2023   $ 111,512  
2024     -  
2025     -  
2026     -  
2027     -  
Thereafter     -  
Total Payments   $ 111,512