General form of registration statement for all companies including face-amount certificate companies

PROPERTY AND EQUIPMENT, NET

v3.24.2.u1
PROPERTY AND EQUIPMENT, NET
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Property, Plant and Equipment [Abstract]    
PROPERTY AND EQUIPMENT, NET

Note 5. PROPERTY AND EQUIPMENT, NET

 

Property and equipment are summarized below:

 

    June 30, 2024     December 31, 2023  
             
Lab equipment   $ 662,747     $ 647,214  
Computers and software     81,433       68,682  
Leasehold improvements     9,941       9,941  
Vehicles     148,103       105,919  
Property and equipment, gross     902,224       831,756  
Accumulated depreciation     (452,974 )     (373,123 )
Total property and equipment, net   $ 449,250     $ 458,633  

 

Depreciation expense was $79,054 and $41,000 for the six months ended June 30, 2024 and 2023, respectively, and $40,243 and $21,000 for the three months ended June 30, 2024 and 2023, respectively.

 

Note 5. PROPERTY AND EQUIPMENT, NET

 

Property and equipment at December 31, 2023 and 2022, are summarized below:

 

    2023     2022  
    December 31,  
    2023     2022  
             
Lab equipment   $ 647,214     $ 462,155  
Computers and software     68,682       21,463  
Leasehold improvements     9,941       —  
Vehicles     105,919       —  
Property and equipment, gross      831,756       483,618  
Less: accumulated depreciation and amortization     (373,123 )     (269,180 )
Total property and equipment, net   $ 458,633     $ 214,438  

 

Total Property and equipment depreciation expense was $233,064 and $10,182 for the years ended December 31, 2023, and 2022, respectively.