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PROPERTY AND EQUIPMENT
 12 Months Ended
Sep. 30, 2022
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 9 – PROPERTY AND EQUIPMENT

 

Property and equipment are summarized as follows:

 

   September 30,   September 30, 
   2022   2021 
Land  $790,373   $790,373 
Building and leasehold improvements   2,906,953    2,892,900 
Furniture and office equipment   546,548    501,885 
Computers and software   1,313,816    1,105,681 
Machinery and equipment   11,708,928    12,984,959 
Property and equipment, gross   17,266,618    18,275,798 
           
Less: Accumulated depreciation   (11,160,326)   (11,536,854)
Property and equipment, net  $6,106,292   $6,738,944 

 

The Company completed the annual impairment test of property and equipment and determined that there was no impairment as the fair value of property and equipment substantially exceeded their carrying values at September 30, 2022. Depreciation and amortization of property and equipment totaled approximately $1,862,690 and $1,335,189 for fiscal years ended September 30, 2022, and 2021, respectively recorded as general and administrative expenses on the Company’s consolidated statement of operations and comprehensive income/(loss).