Quarterly report [Sections 13 or 15(d)]

Property and Equipment

v3.26.1
Property and Equipment
 3 Months Ended
Mar. 31, 2026
Property, Plant, and Equipment [Abstract]  
Property and Equipment

Note 5. Property and Equipment

 

As of March 31, 2026 and December 31, 2025, property and equipment consisted of the following:

 

    March 31,     December 31,  
    2026     2025  
Office equipment   $ 17,061     $ 17,061  
Computer equipment     46,285       46,285  
Vehicle     35,424       35,424  
Software     1,131,091       1,131,091  
Machinery     3,257,764       3,257,764  
Leasehold improvements     397,536       397,536  
Satellite and related software     8,041,931       8,041,931  
Construction in progress     10,922,219       7,234,615  
Property and equipment, gross     23,849,311       20,161,707  
Accumulated depreciation     (6,588,934 )     (5,977,328 )
Property and equipment, net of accumulated depreciation   $ 17,260,377     $ 14,184,379  

 

As of March 31, 2026 and December 31, 2025, 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, 2026 and 2025 is $611,606 and $934,673 of which $518,637 and $836,355 are included as components of cost of revenue, respectively.

 

During the three months ended March 31, 2026 and 2025, the Company purchased assets of $3,687,604 and $2,978,308, respectively.