Note 6 - Property, Plant and Equipment, Net

3 Months Ended

Mar. 31, 2024

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:

	March 31,		December 31,
	2024		2023
Land	$	423,034	$	231,034
Buildings and improvements		4,847,586		3,760,203
Machinery & equipment		25,632,121		24,851,703
Total property, plant & equipment		30,902,741		28,842,940
Less: accumulated depreciation		14,710,075		14,156,750
Property plant & equipment, net	$	16,192,666	$	14,686,190

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 $679,959 and $596,322 for the three months ended March 31, 2024 and 2023, respectively.