XML 24 R13.htm IDEA: XBRL DOCUMENT
v3.24.3

PROPERTY AND EQUIPMENT, NET | 9 Months Ended
--- | ---
Sep. 30, 2024
Property, Plant and Equipment [Abstract] |
PROPERTY AND EQUIPMENT, NET | NOTE 7 — PROPERTY AND EQUIPMENT, NET Property and equipment, net, consist of the following: SCHEDULE OF PROPERTY AND EQUIPMENT, NET
|  | September 30, 2024 |  |  | December 31, 2023 |
Furniture and Fixtures |  | $ | 125,977 |  |  | $ | 125,977 |
Machinery equipment |  |  | 326,843 |  |  |  | 89,418 |
Vehicles |  |  | 461,667 |  |  |  | 670,793 |
Electronic equipment |  |  | 35,303 |  |  |  | 35,303 |
Leasehold improvement |  |  | 173,286 |  |  |  | 90,974 |
Subtotal |  |  | 1,123,076 |  |  |  | 1,012,465 |
Less: accumulated depreciation and amortization |  |  | (523,042 | ) |  |  | (612,484 | )
Property and equipment, net |  | $ | 600,034 |  |  | $ | 399,981 |
Depreciation expense was $31,127 and $39,473 for the three months ended September 30, 2024 and 2023, respectively. Depreciation expense was $98,111 and $109,765 for the nine months ended September 30, 2024 and 2023, respectively. There was an addition of $82,312 and $44,210 on property and equipment during the three months ended September 30, 2024 and 2023, respectively. There was an addition of $424,164 and $68,871 on property and equipment during the nine months ended September 30, 2024 and 2023, respectively. There was no disposal of property and during the three months ended September 30, 2024 and 2023, respectively. There was a disposal of property and equipment with the net book value of $126,000 and $nil with realized gain on the disposition of $36,001 and $nil during the nine months ended September 30, 2024 and 2023, respectively. No impairment was recorded for the three and nine months ended September 30, 2024 and 2023. MASSIMO GROUP AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

X
- References No definition available. + Details
Name: | us-gaap_PropertyPlantAndEquipmentAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-7 + Details
Name: | us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration