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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Schedule of inventory |
Inventory |  | Dec 31, 23 |  |  | Dec 31, 22 |
Equipment Parts Inventory |  | $ | 862,941 |  |  | $ | 759,930 |
Finished Goods Inventory |  |  | 1,033,104 |  |  |  | 254,656 |
Sales Demo Inventory |  |  | 162,958 |  |  |  | 0 |
Work in process Inventory |  |  | 243,029 |  |  |  | 31,434 |
Inventory Reserve |  | $ | (24,216 | ) |  | $ |  |
Total Inventory |  | $ | 2,277,816 |  |  | $ | 1,046,020 |
Estimated useful lives for significant property and equipment |
Category |  | Economic Useful Life
Office furniture and fixtures |  | 3-5 years
Machinery and equipment |  | 5-7 years
Intangible Assets |  | 15 years
Schedule of fixed assets |
|  | 31-Dec |
Fixed Assets |  | 2023 |  |  | 2022 |
Accumulated Depreciation |  | $ | (729,956 | ) |  | $ | (483,800 | )
Machinery & Equipment |  |  | 796,783 |  |  |  | 797,695 |
Office Furniture & Computer Equipment |  |  | 77,487 |  |  |  | 80,909 |
Vehicles |  |  | 90,959 |  |  |  | 9,989 |
R&D Equipment |  |  | 37,973 |  |  |  | 37,973 |
Leasehold improvments |  |  | 31,775 |  |  |  | - |
Demostration equipment |  | $ | 647,790 |  |  | $ | 647,790 |
Total Fixed Assets |  | $ | 952,811 |  |  | $ | 1,090,556 |
Schedule of intangible assets |
|  | December 31st |
Intangible Assets |  | 2023 |  |  | 2022 |
Accumulated Amortization |  | $ | (725,228 | ) |  | $ | (469,229 | )
Customer Relationships |  |  | 211,000 |  |  |  | 211,000 |
Equipment Design Documentation |  |  | 2,675,000 |  |  |  | 2,675,000 |
Operational Software & Website |  |  | 339,539 |  |  |  | 305,470 |
Trademarks |  |  | 216,800 |  |  |  | 216,800 |
License & Patents |  | $ | 1,562,875 |  |  | $ | - |
Total Intangible Assets |  | $ | 4,279,986 |  |  | $ | 2,939,041 |
Schedule of income taxes |
|  | 2023 |  |  | 2022 |
|  | $ |  |  | $ |
Expected income tax (expense) recovery from net (income) loss |  |  | 790,846 |  |  |  | 439,754 |
Tax effect of expenses not deductible for income tax: |  |  |  |  |  |  |  |
Annual effect of book/tax differences |  |  | 3,765,932 |  |  |  | 2,094,064 |
Change in the valuation allowance |  |  | (4,586,841 | ) |  |  | (2,533,818 | )

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