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 and Equipment  
Property And Equipment

Note 4 - Property and Equipment

 

The Company’s property and equipment consist of the following amounts as of December 31, 2022 and December 31, 2021:

 

 

 

 

 

 

 

 

December 31, 2022

 

 

 

 

 

 

Accumulated

 

 

Net Carrying

 

 

 

 

Cost

 

 

Depreciation

 

 

Value

 

 Useful Life

 

$

 

 

$

 

 

$

 

Computer hardware and software

 3 years

 

 

656,759

 

 

 

497,306

 

 

 

159,453

 

Laboratory equipment

 5 years

 

 

4,190,289

 

 

 

1,951,387

 

 

 

2,238,902

 

Office furniture and equipment

 5 years

 

 

358,575

 

 

 

239,436

 

 

 

119,139

 

Buildings

 30 years

 

 

2,054,332

 

 

 

298,397

 

 

 

1,755,935

 

Building improvements

 5-15 years

 

 

1,317,132

 

 

 

326,337

 

 

 

990,795

 

Land

 Not amortized

 

 

128,788

 

 

 

-

 

 

 

128,788

 

 

 

 

 

8,705,875

 

 

 

3,312,863

 

 

 

5,393,012

 

 

 

 

 

 

 

 

 

December 31, 2021

 

 

 

 

 

 

Accumulated

 

 

Net Carrying

 

 

 

 

Cost

 

 

Depreciation

 

 

Value

 

 Useful Life

 

$

 

 

$

 

 

$

 

Computer hardware and software

 3 years

 

 

599,944

 

 

 

474,169

 

 

 

125,775

 

Laboratory equipment

 5 years

 

 

3,032,108

 

 

 

1,434,347

 

 

 

1,597,761

 

Office furniture and equipment

 5 years

 

 

293,427

 

 

 

213,244

 

 

 

80,183

 

Buildings

 30 years

 

 

2,177,641

 

 

 

243,750

 

 

 

1,933,891

 

Building improvements

 5-15 years

 

 

1,293,258

 

 

 

256,309

 

 

 

1,036,949

 

Land

 Not amortized

 

 

136,518

 

 

 

-

 

 

 

136,518

 

 

 

 

 

7,532,896

 

 

 

2,621,819

 

 

 

4,911,077

 

 

During the years ended December 31, 2022 and December 31, 2021, the total capital expenditure was $1.6 million and $1.1 million, respectively, the majority of which was from purchases of laboratory equipment. For further details refer to Note 10 (a) for Finance Leases included in Property, Plant and Equipment.

 

During the years ended December 31, 2022 and December 31, 2021, the Company recognized $865,262 and $812,109, respectively, in depreciation expense.