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Property and Equipment | 9 Months Ended
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Sep. 30, 2022
Property, Plant and Equipment [Abstract] |
PROPERTY AND EQUIPMENT | 3. PROPERTY AND EQUIPMENT Property and equipment consisted of the following:
|  | September 30, 2022 |  |  | December 31, 2021 |
Furniture and equipment |  | $ | 852,817 |  |  | $ | 779,650 |
Leasehold improvement |  |  | 639,602 |  |  |  | 639,602 |
Store construction |  |  | 312,183 |  |  |  | 52,161 |
Store |  |  | 300,000 |  |  |  | 300,000 |
Total property and equipment |  |  | 2,104,602 |  |  |  | 1,771,413 |
Less accumulated depreciation |  |  | (807,028 | ) |  |  | (660,523 | )
Total property and equipment, net |  | $ | 1,297,574 |  |  | $ | 1,110,890 |
In February 2021, the Company repurchased its retail location in Corona Del Mar. The purchase price was $300,000, comprised of $150,000 in cash and 232,558 shares of the Company’s common stock. The Company recorded the assumption of the ongoing lease for the store, which included a right of use asset of $180,577 and a lease liability of $170,853. Depreciation expense on property and equipment amounted to approximately $146,505 and $129,575 for the nine-month periods ended and $48,583 and $47,649 for the three-month periods ended September 30, 2022 and 2021, respectively.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=126982197&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI https://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI https://asc.fasb.org/extlink&oid=126982197&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126982197&loc=d3e99779-112916 + Details
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