Property, plant and equipment

9 Months Ended

Sep. 30, 2024

Property, plant and equipment [Abstract]

Property, plant and equipment

7. Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation and amortization and depreciated using the straight-line method over their useful lives. At September 30, 2024 and December 31, 2023, the Company’s property, plant and equipment, net consisted of the following: 

	2024			2023
Computer equipment and software	$	94,493		$	98,756
Furniture and other equipment		271,798			271,798
Leasehold improvements		15,400			17,280
Equipment and machinery		957,378			943,464
Automobiles		4,638			4,638
Building held for leases		196,416			196,416
Building		3,366,847			969,188
Construction in progress		—			2,397,659
Property, plant and equipment		4,906,970			4,899,199
Less: accumulated depreciation		(700,655	)		(511,022	)
	$	4,206,315		$	4,388,177

Depreciation expense for the three months ended September 30, 2024 and 2023 amounted to $104,835 and $92,984, respectively. Depreciation expense for the nine months ended September 30, 2024 and 2023 amounted to $189,869 and $277,573 respectively.