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PROPERTY AND EQUIPMENT, NET
 9 Months Ended
Sep. 30, 2022
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT, NET

NOTE 6 – PROPERTY AND EQUIPMENT, NET

 

As of September 30, 2022, and December 31, 2021, property and equipment consist of the following:

 

   September 30,   December 31, 
   2022   2021 
         
Furniture and equipment  $1,326,161   $1,397,098 
Vehicles   55,000    55,000 
Leasehold improvements   2,108,392    1,981,019 
Property and equipment, gross   3,489,553    3,433,117 
Less: accumulated depreciation and amortization   (1,378,404)   (1,152,850)
Property and equipment, net  $2,111,149   $2,280,267 

 

Depreciation expense amounted to $164,355 and $420,864 for the three and nine months ended September 30, 2022, respectively. Depreciation expense amounted to $146,656 and $435,421 for the three and nine months ended September 30, 2021, respectively. During the three and nine months ended September 30, 2022, the Company wrote off property and equipment with an original cost value of $96,762 and $518,169, respectively, related to closed locations and future locations that were terminated due to the economic environment as a result of COVID-19 and recorded a loss on disposal of $37,593 and $206,190, respectively, after accumulated depreciation of $56,954 and $194,645, respectively, in the condensed consolidated statement of operations.

 

During the three and nine months ended September 30, 2021, the Company wrote off property and equipment with an original cost value of $0 and $99,313 related to a closed location and a future location that was terminated due to the economic environment as a result of COVID-19 and recorded a loss on disposal of $0 and $37,027 after accumulated depreciation of $0 and $62,286 in the unaudited condensed consolidated statement of operations.