Quarterly report [Sections 13 or 15(d)]

Property and Equipment

v3.25.1
Property and Equipment
 3 Months Ended
Mar. 31, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment

Note 6. Property and Equipment

 

As of March 31, 2025 and December 31, 2024, property and equipment consisted of the following:

 

    March 31,     December 31,  
    2025     2024  
Office equipment   $ 17,061     $ 17,061  
Computer equipment     46,285       41,233  
Vehicle     35,424       35,424  
Software     1,397,556       1,358,558  
Machinery     3,257,764       3,257,764  
Leasehold improvements     397,536       397,536  
Satellite and related software     15,712,547       12,305,379  
Construction in progress     2,410,428       2,883,337  
Property and equipment, gross     23,274,601       20,296,292  
Accumulated depreciation     (6,338,990 )     (5,404,316 )
Property and equipment, net of accumulated depreciation   $ 16,935,611     $ 14,891,976  

 

As of March 31, 2025 and December 31, 2024, construction in progress represents components to be used in the manufacturing of our satellites.

 

Depreciation expense of property and equipment for the three months ended March 31, 2025 and 2024 is $934,673 and $253,030 of which $836,355 and $222,490 are included as components of cost of revenue, respectively.

 

During the three months ended March 31, 2025 and 2024, the Company purchased assets of $2,978,308 and $2,230,118, respectively.