Annual report pursuant to Section 13 and 15(d)

Property and Equipment

v3.24.1
Property and Equipment
 12 Months Ended
Sep. 30, 2023
Property and Equipment [Abstract]  
Property and Equipment Note 7 – Property and Equipment

Property and equipment consisted of the following at September 30, 2023 and 2022:

Estimated

Useful Life

2023

2022

Property and equipment:

Manufacturing equipment

5 - 8 years

$

3,008,122

$

2,902,715

Office equipment, furniture and fixtures

3 - 10 years

1,471,870

1,440,475

Leasehold improvements

3 - 8 years

960,694

484,460

Total property and equipment

5,440,686

4,827,650

Less: accumulated depreciation and amortization

(3,787,954)

(3,641,884)

Property and equipment, net

$

1,652,732

$

1,185,766

Depreciation expense for the years ended September 30, 2023 and 2022 was approximately $198,000 and $138,000, respectively. Property and equipment included $214,000 and $276,000 at September 30, 2023 and 2022, 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.