Annual report pursuant to Section 13 and 15(d)

Property and Equipment

v3.24.1
Property and Equipment
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Property and Equipment

Note 6. Property and Equipment

 

At December 31, 2023 and 2022, property and equipment consisted of the following:

 

   

December 31,

2023

    

December 31,

2022

  
Office equipment   $ 17,061     $ 17,061  
Computer equipment     41,233       37,296  
Vehicle     35,424       28,143  
Software     482,127       158,212  
Machinery     3,209,719       3,386,111  
Leasehold improvements     397,536       372,867  
R&D software     9,655       386,182  
Construction in progress     8,609,902       1,497,276  
Property and equipment, gross     12,802,657       5,883,148  
Accumulated depreciation     (3,232,443 )     (3,328,156 )
Property and equipment, net of accumulated depreciation   $ 9,570,214     $ 2,554,992  

 

As of December 31, 2023 and 2022, construction in progress represents components to be used in the manufacturing of our satellites.

 

Depreciation expense of property and equipment for the years ended December 31, 2023 and 2022 is $217,107 and $319,936 of which $176,321 and $181,005 are included as components of cost of revenue, respectively.

 

During the years ended December 31, 2023 and 2022, the Company purchased assets of $7,208,200 and $2,099,858, respectively.