Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

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Property and Equipment
 3 Months Ended
Mar. 31, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment

Note 6. Property and Equipment

 

At March 31, 2024 and December 31, 2023, property and equipment consisted of the following:

 

    March 31,     December 31,  
    2024     2023  
Office equipment   $ 17,061     $ 17,061  
Computer equipment     41,233       41,233  
Vehicle     35,424       35,424  
Software     620,843       482,127  
Machinery     3,209,719       3,209,719  
Leasehold improvements     397,536       397,536  
R&D software     -       9,655  
Satellite and related software     7,865,045       -  
Construction in progress     2,845,913       8,609,902  
Property and equipment, gross     15,032,774       12,802,657  
Accumulated depreciation     (3,485,472 )     (3,232,443 )
Property and equipment, net of accumulated depreciation   $ 11,547,302     $ 9,570,214  

 

As of March 31, 2024 and December 31, 2023, construction in progress represents components to be used in the manufacturing of our satellites.

 

As of March 31, 2024, one satellite and satellite related software were moved out of construction in progress and reported as assets with related depreciation expense.

 

Depreciation expense of property and equipment for the three months ended March 31, 2024 and 2023 is $253,030 and $3,361 of which $222,490 and $43,696 are included as components of cost of revenue, respectively.

 

During the three months ended March 31, 2024 and 2023, the Company purchased assets of $2,230,118 and $1,147,409, respectively.