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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:

 

   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)