Note 6 - Property, Plant and Equipment, Net

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

6.  PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment are recorded at cost and depreciated over their useful lives. Maintenance and repair costs are expensed as incurred. Property, plant and equipment are as follows:

	June 30,		December 31,
	2023		2022
Land	$	231,034	$	231,034
Buildings and improvements		3,492,667		3,222,243
Machinery & equipment		23,914,606		23,301,660
Total property, plant & equipment		27,638,307		26,754,937
Less: accumulated depreciation		12,911,814		11,541,494
Property plant & equipment, net	$	14,726,493	$	15,213,443

During the three months ended June 30, 2023, the Company issued 7,317 Class A Common Shares, valued at $150,000, to Air Power Dynamics, LLC in an arms-length exchange for an aerospace tooling machine. Air Power Dynamics, LLC is controlled by Ambassador Edward Crawford, who is the chairman of the Company's board. 

Depreciation expense was $774,162 and $585,412 for the three months ended June 30, 2023 and 2022, respectively and $1,370,484 and $1,181,246 for the six months ended June 30, 2023 and 2022, respectively.