General form of registration statement for all companies including face-amount certificate companies

Property and Equipment

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Property and Equipment
 9 Months Ended 12 Months Ended
Sep. 30, 2021
Dec. 31, 2020
Property, Plant and Equipment [Abstract]    
Property and Equipment

Note 5 – Property and Equipment

 

Property and equipment consisted of the following:

 

               
    September 30, 2021   December 31, 2020
         
Computer and office equipment   $ 2,807     $ 2,807  
Lab equipment     15,606       15,606  
Furniture     43,705       43,705  
Leasehold improvements     450,374       422,318  
Machinery     627,641       623,190  
Subtotal     1,140,133       1,107,626  
Accumulated Depreciation     (245,166 )     (121,219 )
                 
Property and Equipment, net   $ 894,967     $ 986,407  

 

Depreciation and amortization expense related to property and equipment was approximately $42,000 and $30,400 (which was primarily recorded within cost of sales) for the quarters ended September 30, 2021 and 2020, respectively. Depreciation and amortization expense related to property and equipment was approximately $125,000 and $73,000 (which was primarily recorded within cost of sales) for the nine months ended September 30, 2021 and 2020, respectively.

 

Note 4 – Property and Equipment

 

Property and equipment consisted of the following:

 

               
    December
31, 2020		   December
31, 2019
Computer and office equipment   $ 2,807     $ 2,807  
Lab equipment     15,606       15,606  
Furniture     43,705       —  
Leasehold improvements     422,318       140,056  
Machinery     623,190       241,285  
Subtotal     1,107,626       399,754  
Accumulated Depreciation     (121,219 )     (9,909 )
Property and Equipment, net   $ 986,407     $ 389,845  

 

Depreciation and amortization expense related to property and equipment was approximately $111,000 and $5,000 (which was recorded within cost of sales) for the years ended December 31, 2020 and 2019, respectively. For the year ended December 31, 2020, depreciation expense of approximately $52,000 was recorded within cost of sales, $26,000 recorded within general and administrative expenses, $23,000 recorded within research and development, and $10,000 recorded within deferred costs.