Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.23.1
Property and Equipment
 3 Months Ended
Mar. 31, 2023
Property, Plant and Equipment [Abstract]  
Property and Equipment

Note 6. Property and Equipment

 

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

 

    March 31,     December 31,  
    2023     2022  
Office equipment   $ 17,061     $ 17,061  
Computer equipment     41,233       37,296  
Vehicle     28,143       28,143  
Software     158,212       158,212  
Machinery     3,436,011       3,386,111  
Leasehold improvements     391,167       372,867  
R&D software     -       386,182  
Construction in progress     2,958,729       1,497,276  
Property and equipment, gross     7,030,556       5,883,148  
Accumulated depreciation     (3,331,516 )     (3,328,156 )
Property and equipment, net of accumulated depreciation   $ 3,699,040     $ 2,554,992  

 

As of March 31, 2023 and December 31, 2022, 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, 2023 and 2022 is $3,361 and $105,211, respectively, of which $43,696 and $84,120 are included as components of cost of revenue.

 

During the three months ended March 31, 2023 and 2022, the Company purchased assets of $1,147,409 and $541,264, respectively.