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PROPERTY AND EQUIPMENT
 9 Months Ended
Sep. 30, 2024
PROPERTY AND EQUIPMENT  
PROPERTY AND EQUIPMENT

NOTE 5. PROPERTY AND EQUIPMENT

 

Property and equipment consist of the following at:

 

 

 

September 30,

2024

(Unaudited)

 

 

December 31,

2023

 

Furniture and fixtures

 

$458,652

 

 

$364,819

 

Equipment

 

 

2,273,466

 

 

 

2,269,185

 

Vehicles

 

 

66,170

 

 

 

66,170

 

Computer and software

 

 

313,102

 

 

 

306,556

 

Leasehold improvements

 

 

393,381

 

 

 

393,381

 

Tenant Improvement Allowance 

 

 

405,000

 

 

 

405,000

 

Total cost of property and equipment

 

 

3,909,771

 

 

 

3,805,111

 

Less: Accumulated depreciation

 

 

2,995,615

 

 

 

2,756,469

 

Property and Equipment, net

 

$914,156

 

 

$1,048,642

 

 

For the three and nine months ended September 30, 2024, depreciation was $65,031 and $209,751, respectively. For the three and nine months ended September 30, 2023, depreciation was $90,156 and $261,945, respectively. For the three and nine months ended September 30, 2024 and 2023, amortization of tenant improvement allowance was $9,798 and $29,395, respectively and was recorded as lease expense and included within general and administrative expense on the consolidated statement of operations.