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PROPERTY AND EQUIPMENT
 12 Months Ended
Sep. 30, 2024
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 9 – PROPERTY AND EQUIPMENT

 

Property and equipment are summarized as follows.

 

   September 30,   September 30, 
   2024   2023 
Land  $945,279   $945,279 
Building and leasehold improvements   4,388,556    4,362,062 
Furniture and office equipment   600,186    579,700 
Computers and software   1,333,135    1,333,135 
Machinery and equipment   13,578,702    12,488,639 
Property and equipment, gross   20,845,858    19,708,815 
Less: Accumulated depreciation   (11,712,280)   (10,490,114)
Property and equipment, net  $9,133,578   $9,218,701 

 

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, 2024. Depreciation and amortization of property and equipment totaled approximately $1,328,741 and $1,026,075 for fiscal years ended September 30, 2024, and 2023, respectively and are recorded as general and administrative expenses on the Company’s Consolidated Statements of Operations. Additionally, depreciation and amortization of property and equipment of approximately $53,895 and $33,256 for fiscal years ended September 30, 2024, and 2023, respectively and are recorded as cost of revenues, Security on the Company’s Consolidated Statements of Operations.