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PROPERTY, EQUIPMENT AND SOFTWARE
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
PROPERTY, EQUIPMENT AND SOFTWARE

9. PROPERTY, EQUIPMENT AND SOFTWARE

 

As of December 31, 2024 and 2023, property, equipment and software consist of:

 

 

   2024   2023 
   December 31, 
   2024   2023 
Office buildings  $3,831,577   $3,944,905 
Electronic equipment, furniture and fixtures   2,966,868    2,723,306 
Media display equipment   904,646    1,081,589 
Purchased software   8,149,803    6,729,225 
Property, equipment and software, gross   15,852,894    14,479,025 
Less: accumulated depreciation   (10,298,566)   (7,801,541)
Property, equipment and software, net  $5,554,328   $6,677,484 

 

Depreciation expense for the year ended December 31, 2024, 2023, and 2022 were approximately $2.0 million, $2.5 million and $3.5 million for continuing operations, and -0- million, $0.5 million and $3.7 million for discontinued operations, respectively.

 

Management regularly evaluates property, equipment and software for impairment, if an event occurs or circumstances change that would potentially indicate that the carrying amount of the property, equipment and software exceeded its fair value.

 

Company’s office buildings, with net carrying value of approximately $2.3 million, are used as collateral for its bank loans.

 

 

TAOPING INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS