Veru Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Note 7 - Property and Equipment

Note 7 - Property and Equipment

12 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

Note 7 – Property and Equipment

Property and equipment consisted of the following at September 30, 2024 and 2023:

	*Estimated*
	*Useful Life (years)*	*2024*			*2023*
Property and equipment:
Manufacturing equipment	5 - 8	$	2,863,792		$	3,008,122
Office equipment, furniture and fixtures	3 - 10		1,479,193			1,471,870
Leasehold improvements	3 - 8		960,694			960,694
Total property and equipment			5,303,679			5,440,686
Less: accumulated depreciation and amortization			(4,019,025	)		(3,787,954	)
Property and equipment, net		$	1,284,654		$	1,652,732

Depreciation expense for the years ended September 30, 2024 and 2023 was approximately $0.3 million and $0.2 million, respectively. Property and equipment included $0.2 million at September 30, 2023 for deposits on equipment, furniture, and leasehold improvements, which had not been placed into service; therefore, the Company had not started to record depreciation expense. Deposits on equipment, furniture, and leasehold improvements at September 30, 2024 were immaterial.