Annual report pursuant to Section 13 and 15(d)

Property and Equipment

v3.22.4
Property and Equipment
 12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
Property and Equipment

Note 6. Property and Equipment

 

At December 31, 2022 and 2021, property and equipment consisted of the following:

 

    December 31,     December 31,  
    2022     2021  
Office equipment   $ 17,061     $ 17,061  
Computer equipment     37,296       14,907  
Vehicle     28,143       28,143  
Software     158,212       93,012  
Machinery     3,386,111       3,280,911  
Leasehold improvements     372,867       198,645  
R&D software     386,182       -  
Construction in progress     1,497,276       150,611  
Property and equipment, gross     5,883,148       3,783,290  
Accumulated depreciation     (3,328,156 )     (3,008,220 )
Property and equipment, net of accumulated depreciation   $ 2,554,992     $ 775,070  

 

As of December 31, 2022, construction in progress represents components to be used in the manufacturing of our satellites. As of December 31, 2021, construction in progress represented leasehold improvements in process for office space.

 

Depreciation expense of property and equipment for the years ended December 31, 2022 and 2021 is $319,936 and $394,968, respectively.

 

During the years ended December 31, 2022 and 2021, the Company purchased assets of $2,099,858 and $217,840, respectively.