Note 6 - Property, Plant and Equipment, Net

9 Months Ended

Sep. 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:

	September 30,		December 31,
	2023		2022
Land	$	231,034	$	231,034
Buildings and improvements		3,510,659		3,222,243
Machinery & equipment		24,403,429		23,301,660
Total property, plant & equipment		28,145,122		26,754,937
Less: accumulated depreciation		13,718,616		11,541,494
Property plant & equipment, net	$	14,426,506	$	15,213,443

During the second quarter of 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 $806,639 and $597,320 for the three months ended September 30, 2023 and 2022, respectively and $2,177,123 and $1,778,566 for the nine months ended September 30, 2023 and 2022, respectively.