Annual report pursuant to Section 13 and 15(d)

Property and Equipment

v3.23.1
Property and Equipment
 12 Months Ended
Dec. 31, 2022
Property and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 6 – PROPERTY AND EQUIPMENT

 

On December 31, 2022 and 2021, property and equipment consisted of the following: 

 

    Useful Life   December 31,
2022		     December 31,
2021		  
Machinery and equipment   5 – 7 years   $ 124,133     $ 124,133  
Furniture and office equipment   3 – 7 years     32,306       32,306  
Vehicles   1 – 5 years     62,195       63,009  
Leasehold improvements   3 – 5 years     45,296       45,296  
          263,930       264,744  
Less: accumulated depreciation         (167,624 )     (129,722 )
Property and equipment, net       $ 96,306     $ 135,022  

 

During the year ended December 31, 2022, the Company sold a vehicle and other equipment for proceeds of $5,500 and record a gain on sale of property and equipment of $5,500 which is included in general and administrative expenses on the accompanying consolidated statement of operations. During the year ended December 31, 2021, the Company sold a vehicle for proceeds of $13,000 and record a gain on sale of property and equipment of $13,000 which is included in general and administrative expenses on the accompanying consolidated statement of operations. For the years ended December 31, 2022 and 2021, depreciation expense is included in general and administrative expenses and amounted to $38,716 and $23,872, respectively.