Property and Equipment, net

9 Months Ended

Sep. 30, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Note 7. Property and Equipment, net

Property and equipment, net, was comprised of the following:

	September 30, 2021			December 31, 2020
Office equipment	$	39,574		$	34,072
Software		13,204			13,204
Furniture and Fixtures		2,328			—
Machinery and Equipment		342,896			—
Leasehold Improvements		65,808			—
Property and equipment, gross	$	463,810		$	47,274
Less: Accumulated Depreciation		(46,400	)		(22,621	)
Property and equipment, net	$	417,410		$	24,655

As part of the Naturaleaf Asset Acquistion, the Company acquired $92,523 in fixed assets consisting of machinery and equipment and leasehold improvements. During the nine months ended September 30, 2021, the Company purchased office equipment in the amount of $5,502 and has made purchases of machinery and equipment of $342,896 in order to upgrade operations at the new cultivation facilities and has spent $65,808 in leasehold improvements at the cultivation facilities.