Annual report [Section 13 and 15(d), not S-K Item 405]

Property and Equipment

v3.26.1
Property and Equipment
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment Property and Equipment
Property and equipment consisted of the following:
Useful
 Life (years)		 December 31, 2025 December 31, 2024
Land n/a $ 444,435  $ - 
Leasehold improvements 5 years 1,823,586  833,920 
Property & equipment
3-5 years
 11,242,513  7,528,597 
Technology hardware equipment
3-5 years
 1,973,983  1,966,841 
Total 15,484,517  10,329,358 
Less accumulated depreciation (6,127,543) (3,958,780)
Construction in progress 12,470,795  10,744,668 
Total property and equipment, net $ 21,827,769  $ 17,115,246 
The Company reported a loss on disposal of property and equipment of $25,788 and $19,202 for the years ended December 31, 2025 and 2024, respectively, which is reported on the consolidated statements of operations in other (income) expense.
During the year ended December 31, 2025, $414,416 of inventory was transferred from inventories to construction in progress relating to items to be used on our subsea vehicle.
Depreciation expense for the years ended December 31, 2025 and 2024 was $2,192,342 and $1,736,828, respectively.