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PROPERTY AND EQUIPMENT
 6 Months Ended
Jun. 30, 2023
PROPERTY AND EQUIPMENT  
PROPERTY AND EQUIPMENT

NOTE 6 — PROPERTY AND EQUIPMENT

 

 Property and equipment consist of the following:

 

 

 

June 30,

 

 

December 31,

 

 

 

2023

 

 

2022

 

Consumer

 

 

 

 

 

 

Land

 

$1,640,219

 

 

$1,640,219

 

Building and improvements

 

 

4,030,125

 

 

 

2,798,975

 

Leasehold improvements

 

 

1,450,695

 

 

 

1,450,695

 

Machinery and equipment

 

 

1,149,891

 

 

 

1,078,595

 

Furniture and fixtures

 

 

603,944

 

 

 

603,944

 

Vehicles

 

 

22,859

 

 

 

22,859

 

 

 

 

8,897,733

 

 

 

7,595,287

 

Less: accumulated depreciation

 

 

(2,806,625)

 

 

(2,651,832)

 

 

 

 

 

 

 

 

 

Sub-Total

 

 

6,091,108

 

 

 

4,943,455

 

 

 

 

 

 

 

 

 

 

Commercial

 

 

 

 

 

 

 

 

Building and improvements

 

 

151,647

 

 

 

151,647

 

Machinery and equipment

 

 

1,074,409

 

 

 

1,082,026

 

Vehicles

 

 

98,610

 

 

 

98,610

 

Furniture and fixtures

 

 

145,631

 

 

 

145,950

 

 

 

 

1,470,297

 

 

 

1,478,233

 

Less: accumulated depreciation

 

 

(657,093)

 

 

(515,673)

 

 

 

 

 

 

 

 

 

Sub-Total

 

 

813,204

 

 

 

962,560

 

 

 

 

 

 

 

 

 

 

Corporate

 

 

 

 

 

 

 

 

Land

 

 

1,106,664

 

 

 

1,106,664

 

Building and improvements

 

 

2,502,216

 

 

 

2,502,216

 

Machinery and equipment

 

 

28,627

 

 

 

28,627

 

 

 

 

 

 

 

 

 

 

 

 

 

3,637,507

 

 

 

3,637,507

 

Less: accumulated depreciation

 

 

(187,371)

 

 

(149,720)

 

 

 

 

 

 

 

 

 

Sub-Total

 

 

3,450,136

 

 

 

3,487,787

 

 

 

 

 

 

 

 

 

 

 

 

$10,354,448

 

 

$9,393,802

 

 

On May 4, 2023, DGSE closed the purchase of a new retail building located at 6030 North 19th Avenue in Phoenix, Arizona for $1,231,150. The purchase was paid through operating cash flow without the use of borrowed funds. The building will begin to be depreciated once it is put into use.