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PROPERTY, PLANT, AND EQUIPMENT
12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT, AND EQUIPMENT

NOTE 9. PROPERTY, PLANT, AND EQUIPMENT

 

Property and equipment are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the related assets. Furniture and fixtures are depreciated over seven years. Computer and office equipment and computer software are depreciated over five years. Repairs and maintenance costs, which are not considered improvements and do not extend the useful life of the property and equipment, are expensed as incurred.

 

The Company’s property and equipment are as follows:

        
   December 31, 
   2023   2022 
         
Furniture and fixtures  $   $ 
Computer and office equipment   13,032    13,032 
Software   42,150    42,150 
Other Equipment       18,190 
    55,182    73,372 
Less: Accumulated depreciation   (53,400)   (70,026)
Property and equipment, net  $1,782   $3,346 

  

Depreciation expense related to property and equipment were $1,564 and $4,500 for the years ended December 31, 2023, and 2022, respectively.

 

During 2022 the company received proceeds of $1,000 from the sale of property and equipment.

 

Future depreciation and amortization of property, equipment, and software is as follows:

    
2024  $1,186 
2025   596 
Total  $1,782