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

NOTE 7. PROPERTY, PLANT AND EQUIPMENT

 

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

 

   Estimated
Useful Life		  September 30, 2024   December 31, 2023 
Building  25 years  $—   $4,537,037 
Land  Infinite   —    739,734 
Office furniture, fixtures, equipment, and aircraft  3-20 years   780,492    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   20,935    1,328,654 
Total cost      1,116,359    8,787,559 
Less: accumulated depreciation and amortization      (671,756)   (1,503,857)
              
Net property, plant and equipment     $444,603   $7,283,702 

 

 

Depreciation expense for the three months ended September 30, 2024 and September 30, 2023 was $127,474 and $188,100, respectively, and is included in general and administrative expenses. Depreciation expense for the nine months ended September 30, 2024 and September 30, 2023 was $471,307 and $533,992, respectively, and is included in general and administrative expenses. 

 

During the nine months ended September 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.

 

During the three and nine months ended September 30, 2024 the Company engaged a broker and sold its building for $5,900,000 less closing costs of $7,194. The carrying amount of the building on the date of sale was $5,461,623. As a result of the sale the Company recorded a gain of $431,183 in the Consolidated Statement of Operation during the three and nine months ended September 30, 2024.