Note 6 - Property, Plant and Equipment, Net

12 Months Ended

Dec. 31, 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 expenses as incurred. Property, plant and equipment are as follows:

	December 31,		December 31,
	2023		2022
Land	$	231,034	$	231,034
Buildings and improvements		3,760,203		3,222,243
Machinery & equipment		24,851,703		23,301,660
Total property, plant & equipment		28,842,940		26,754,937
Less: accumulated depreciation		14,156,750		11,541,494
Property plant & equipment, net	$	14,686,190	$	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 for the years ended  December 31, 2023 and 2022 was $2,619,244 and $2,398,445, respectively.