Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.24.3
Property and Equipment
 9 Months Ended
Sep. 30, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment

Note 6. Property and Equipment

 

At September 30, 2024 and December 31, 2023, property and equipment consisted of the following:

 

    September 30,     December 31,  
    2024     2023  
Office equipment   $ 17,061     $ 17,061  
Computer equipment     41,233       41,233  
Vehicle     35,424       35,424  
Software     1,087,725       482,127  
Machinery     3,231,369       3,209,719  
Leasehold improvements     397,536       397,536  
R&D software     -       9,655  
Satellite and related software     8,308,932       -  
Construction in progress     4,805,919       8,609,902  
Property and equipment, gross     17,925,199       12,802,657  
Accumulated depreciation     (4,726,891 )     (3,232,443 )
Property and equipment, net of accumulated depreciation   $ 13,198,308     $ 9,570,214  

 

As of September 30, 2024 and December 31, 2023, construction in progress represents components to be used in the manufacturing of our satellites.

 

As of September 30, 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 nine months ended September 30, 2024 and 2023 is $1,494,449 and $148,166 of which $1,331,591 and $133,567 are included as components of cost of revenue, respectively.

 

During the nine months ended September 30, 2024 and 2023, the Company purchased assets of $5,102,661and $4,836,249, respectively.