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Property and Equipment
 9 Months Ended
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.