Annual report pursuant to Section 13 and 15(d)

Property and Equipment

v3.24.1
Property and Equipment
 12 Months Ended
Dec. 31, 2023
Property and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 5 – PROPERTY AND EQUIPMENT

 

On December 31, 2023 and 2022, property and equipment consisted of the following: 

 

    Useful Life   December 31,
2023		     December 31,
2022		  
Machinery and equipment   5 – 7 years   $ 73,411     $ 124,133  
Furniture and office equipment   3 – 7 years     2,061       32,306  
Vehicles   1 – 5 years     68,050       62,195  
Leasehold improvements   3 – 5 years     110,645       45,296  
          254,167       263,930  
Less: accumulated depreciation         (82,561 )     (167,624 )
Property and equipment, net       $ 171,606     $ 96,306  

 

During the years ended December 31, 2023 and 2022, the Company sold vehicles and other equipment for proceeds of $9,000 and $5,500 and record a gain on sale of property and equipment of $9,000 and $5,500, respectively, which is included in general and administrative expenses on the accompanying consolidated statement of operations. Additionally, in connection with the Company’s sale of its C-Bond nanoShield product line (see Note 16), the Company sold property and equipment with a net book value of $1,115, which is included in gain from sale of product line on the accompanying statement of operations. For the years ended December 31, 2023 and 2022, depreciation expense is included in general and administrative expenses and amounted to $38,355 and $38,716, respectively.