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PROPERTY AND EQUIPMENT
9 Months Ended
Sep. 30, 2022
PROPERTY AND EQUIPMENT  
PROPERTY AND EQUIPMENT

NOTE 7 – PROPERTY AND EQUIPMENT

 

As of September 30, 2022, property and equipment consists of the following:

 

September 30, 2022

 

 

Gross

Carrying

Amount

 

 

Accumulated Depreciation

 

 

Net

Carrying

Amount

 

 

Weighted

Average

Useful

Life

(Years)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property and equipment:

 

 

 

 

 

 

 

 

 

 

 

 

Office equipment

 

$150,915

 

 

$(71,159 )

 

$79,756

 

 

 

3

 

Leasehold improvement

 

 

1,055,529

 

 

 

-

 

 

 

1,055,529

 

 

 

5

 

Property and equipment, net

 

$1,206,444

 

 

$(71,159 )

 

$1,135,285

 

 

 

 

 

 

Depreciation expenses of office equipment were $36,641 and nil for the period ended September 30, 2022 and year 2021 respectively as the computer and office equipment were acquired on June 29, 2021.

 

Amortization expenses of leasehold improvement is $nil for the year ended September 30, 2022 and the leasehold improvement was completed in the end of September 2022.