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PROPERTY, PLANT AND EQUIPMENT
 6 Months Ended
Jun. 30, 2024
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT

NOTE 8. PROPERTY, PLANT AND EQUIPMENT

 

Property, plant and equipment consisted of the following at June 30, 2024 and December 31, 2023:

 

   Estimated
Useful Life		  June 30, 2024   December 31, 2023 
Building  25 years  $4,537,037   $4,537,037 
Land  Infinite   739,734    739,734 
Office furniture, fixtures, equipment, and aircraft  3-20 years   779,879    2,065,092 
Warehouse and production equipment  3-7 years   237,141    29,055 
Demonstration and tradeshow equipment  3-7 years   77,791    87,987 
Building improvements  5-7 years   1,341,471    1,328,654 
Total cost      7,713,053    8,787,559 
Less: accumulated depreciation and amortization      (1,679,962)   (1,503,857)
              
Net property, plant and equipment     $6,033,091   $7,283,702 

  

Depreciation expense for the three months ended June 30, 2024 and June 30, 2023 was $181,121 and $174,261, respectively, and is included in general and administrative expenses. Depreciation expense for the six months ended June 30, 2024 and June 30, 2023 was $343,833 and $345,892, respectively, and is included in general and administrative expenses.

 

During the six months ended June 30, 2024 the Company engaged a broker and sold its aircraft for $1,100,000 less closing costs of $1,500. The carrying amount of the aircraft on the date of sale was $1,141,661. As a result of the sale the Company recorded a loss of $41,661 in the Consolidated Statement of Operations.