Annual report [Section 13 and 15(d), not S-K Item 405]

Property and Equipment

v3.25.1
Property and Equipment
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment

Note 6. Property and Equipment

 

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

 

    December 31,     December 31,  
    2024     2023  
Office equipment   $ 17,061     $ 17,061  
Computer equipment     41,233       41,233  
Vehicle     35,424       35,424  
Software     1,358,558       482,127  
Machinery     3,257,764       3,209,719  
Leasehold improvements     397,536       397,536  
R&D software     -       9,655  
Satellite and related software     12,305,379       -  
Construction in progress     2,883,337       8,609,902  
Property and equipment, gross     20,296,292       12,802,657  
Accumulated depreciation     (5,404,316 )     (3,232,443 )
Property and equipment, net of accumulated depreciation   $ 14,891,976     $ 9,570,214  

 

 

As of December 31, 2024 and 2023, 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, 2024 and 2023 is $2,171,873 and $217,107 of which $1,921,649 and $176,321 are included as components of cost of revenue, respectively.

 

During the years ended December 31, 2024 and 2023, the Company purchased assets of $7,474,836 and $7,208,200, respectively.