Annual report pursuant to Section 13 and 15(d)

Property and Equipment

v3.22.2.2
Property and Equipment
 12 Months Ended
Sep. 30, 2022
Property and Equipment [Abstract]  
Property and Equipment Note 7 – Property and Equipment

Property and equipment consisted of the following at September 30, 2022 and 2021:

Estimated

Useful Life

2022

2021

Property and equipment:

Manufacturing equipment

5 - 8 years

$

2,902,715

$

2,875,744

Office equipment, furniture and fixtures

3 - 10 years

1,440,475

991,146

Leasehold improvements

3 - 8 years

484,460

298,886

Total property and equipment

4,827,650

4,165,776

Less: accumulated depreciation and amortization

(3,641,884)

(3,573,173)

Property and equipment, net

$

1,185,766

$

592,603

Depreciation expense for the years ended September 30, 2022 and 2021 was approximately $138,000 and $98,000, respectively. Property and equipment included $276,000 and $210,000 at September 30, 2022 and 2021, respectively, for deposits on equipment, furniture, and leasehold improvements, which have not been placed into service; therefore, the Company has not started to record depreciation expense.