General form of registration statement for all companies including face-amount certificate companies

Property and Equipment

v3.21.2
Property and Equipment
 9 Months Ended 12 Months Ended
Sep. 30, 2021
Dec. 31, 2020
Property, Plant and Equipment [Abstract]    
PROPERTY AND EQUIPMENT

NOTE 6 – PROPERTY AND EQUIPMENT

 

On September 30, 2021 and December 31, 2020, property and equipment consisted of the following:

 

    Useful Life   September 30,
2021		     December 31,
2020		  
Machinery and equipment   5 - 7 years   $ 124,133     $ 50,722  
Furniture and office equipment   3 - 7 years     32,305       30,245  
Vehicles   1 - 5 years     92,085       55,941  
Leasehold improvements   3 - 5 years     45,296       16,701  
          293,819       153,609  
Less: accumulated depreciation         (148,149 )     (134,926 )
Property and equipment, net       $ 145,670     $ 18,683  

 

For the nine months ended September 30, 2021 and 2020, depreciation and amortization expense is included in general and administrative expenses and amounted to $13,223 and $11,141, respectively.

NOTE 5 – PROPERTY AND EQUIPMENT

 

On December 31, 2020 and 2019, property and equipment consisted of the following:

 

    Useful Life     2020     2019  
                   
Machinery and equipment     5 - 7 years     $ 50,722     $ 52,184  
Furniture and office equipment     3 - 7 years       30,245       45,063  
Vehicles     5 years       55,941       68,341  
Leasehold improvements     3 years       16,701       16,701  
              153,609       182,289  
Less: accumulated depreciation             (134,926 )     (149,513 )
Property and equipment, net           $ 18,683     $ 32,776  

 

For the years ended December 31, 2020 and 2019, depreciation and amortization expense is included in general and administrative expenses and amounted to $14,093 and $24,629, respectively.