Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.23.3
Property and Equipment
9 Months Ended
Sep. 30, 2023
Property and Equipment  
Property And Equipment

Note 3 - Property and Equipment

 

The Company’s property and equipment consisted of the following amounts as of September 30, 2023 and December 31, 2022:

 

 

 

 

 

 

 

 

September 30,

2023

 

 

 

Useful Life

 

Cost $

 

 

Accumulated

Depreciation $

 

 

Net Carrying

Value $

 

Computer hardware and software

 

3 years

 

 

695,883

 

 

 

565,533

 

 

 

130,350

 

Laboratory equipment

 

5 years

 

 

4,533,961

 

 

 

2,207,479

 

 

 

2,326,482

 

Office furniture and equipment

 

5 years

 

 

361,911

 

 

 

261,056

 

 

 

100,855

 

Buildings

 

30 years

 

 

2,026,448

 

 

 

344,987

 

 

 

1,681,461

 

Building improvements

 

5-15 years

 

 

1,326,435

 

 

 

387,818

 

 

 

938,617

 

Land

 

Not amortized

 

 

127,040

 

 

 

-

 

 

 

127,040

 

 

 

 

 

 

9,071,678

 

 

 

3,766,873

 

 

 

5,304,805

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

2022

 

 

 

Useful Life

 

Cost $

 

 

Accumulated

Depreciation $

 

 

Net Carrying

Value $

 

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

 

 

During the nine-month periods ended September 30, 2023 and September 30, 2022, the Company recognized $792,232 and $624,830, respectively, in depreciation expense.