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PROPERTY AND EQUIPMENT NET
3 Months Ended
Mar. 31, 2024
PROPERTY AND EQUIPMENT NET  
PROPERTY AND EQUIPMENT, NET

NOTE 5 – PROPERTY AND EQUIPMENT, NET

 

Property and Equipment consist of the following:

 

Asset Class

 

March 31, 2024

 

 

December 31,

2023

 

Building

 

$805,545

 

 

$805,545

 

Land

 

$430,754

 

 

$430,754

 

Machinery & Equipment

 

$1,441,425

 

 

$1,473,609

 

Furniture & Fixtures

 

$107,509

 

 

$107,509

 

Computer Equipment

 

$18,979

 

 

$18,979

 

Building & Leasehold Improvements

 

$613,229

 

 

$581,394

 

Vehicles

 

$117,047

 

 

$117,047

 

Trade Show Booths

 

$55,081

 

 

$55,081

 

Sub-total:

 

$3,589,569

 

 

$3,589,918

 

 

 

 

 

 

 

 

 

 

Less: accumulated depreciation

 

$(701,058 )

 

$(593,531 )

 

 

$2,888,511

 

 

$2,996,387

 

 

The useful lives of the Company’s property and equipment by asset class are as follows:

 

Asset Class

Estimated Useful Life

Building

39 years

Land

Indefinite

Machinery & Equipment

60 months

Building Improvements

60 months

Leasehold Improvements

The shorter of the length of the lease or 60 months

Trade Show Booths

36 months

Vehicles

60 months

Computer Equipment

60 months

Furniture & Fixtures

60 months

 

In the Consolidated Statements of Operations, depreciation expense is consolidated with amortization expense.

 

After allocating depreciation of machinery and equipment and 5511 Building of $76,966 for the quarter as overhead to finished goods, depreciation expense of $48,798 was recognized during the three months ended March 31, 2024.

 

In comparison, after allocating depreciation of machinery and equipment of $33,230 for the quarter as overhead to finished goods, depreciation expense of $33,813 was recognized during the three months ended March 31, 2023.