Annual report pursuant to Section 13 and 15(d)

Property and Equipment

v3.20.2
Property and Equipment
 12 Months Ended
Sep. 30, 2020
Property and Equipment [Abstract]  
Property and Equipment

Note 7 – Property and Equipment



Property and equipment consisted of the following at September 30, 2020 and 2019:





 

 

 

 

 

 

 



Estimated

 

 

 

 

 

 



Useful Life

 

2020

 

2019

Property and equipment:

 

 

 

 

 

 

 

Manufacturing equipment

5 - 8 years

 

$

 2,752,854 

 

$

 2,716,647 

Office equipment, furniture and fixtures

3 - 10 years

 

 

 803,484 

 

 

 795,228 

Leasehold improvements

3 - 8 years

 

 

 298,886 

 

 

 298,886 

Total property and equipment

 

 

 

 3,855,224 

 

 

 3,810,761 

Less: accumulated depreciation and amortization

 

 

 

 (3,542,533)

 

 

 (3,458,866)

Property and equipment, net

 

 

$

 312,691 

 

$

 351,895 



Depreciation and amortization expense for the years ended September 30, 2020 and 2019 was $146,000 and $162,000, respectively.



In September 2019, the Company entered into a lease agreement for office space, which included a finance lease for office equipment, furniture, and fixtures. The value of the assets under finance lease was $44,000 at September 30, 2020 and 2019 and is included in office equipment, furniture and fixtures above.