XML 55 R13.htm IDEA: XBRL DOCUMENT v3.24.1
Note 5 - Property and Equipment
 12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Property, Plant and Equipment Disclosure [Text Block]

NOTE 5 - PROPERTY AND EQUIPMENT

 

Property and equipment consisted of the following on December 31, 2023 and December 31, 2022:

 

  

Useful

Life

  

2023

  

2022

 

Production equipment

 3-10  $9,433,581  $8,027,589 

Production equipment - finance lease

 3-10   5,182,375   3,625,558 

Lab equipment

 3-10   130,909   118,935 

Computer equipment

 3-5   1,141,790   1,070,437 

Vehicles

 3-5   26,897   26,020 

Furniture and fixture

  5    1,474,032   1,141,424 

Furniture and fixture - finance lease

  5    260,911   252,397 

Leasehold improvements

 5-10   3,184,871   3,080,946 
        20,835,366   17,343,306 

Less Accumulated Depreciation

       (10,950,622)  (8,501,846)

Less Accumulated Depreciation - finance lease

       (877,578)  (544,653)

Net Property and Equipment

      $9,007,166  $8,296,807 

 

Depreciation expense amounted to $2,472,031 and $2,007,112 for the year ended December 31, 2023, and 2022, respectively. Of the $2,472,031 for the year ended December 31, 2023, $2,178,993 is allocated to cost of goods sold and $293,038 is allocated to operating expenses.