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PROPERTY, PLANT AND EQUIPMENT
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
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.

  

NOTE 7. PROPERTY, PLANT AND EQUIPMENT

 

Property, plant and equipment consisted of the following at December 31, 2023 and 2022:

 

   Estimated
Useful Life		  December 31,
2023		   December 31,
2022		 
Building  25 years  $4,537,037   $4,537,037 
Land  Infinite   739,734    739,734 
Office furniture, fixtures, equipment, and aircraft  3-20 years   2,065,092    2,048,169 
Warehouse and production equipment  3-7 years   29,055    51,302 
Demonstration and tradeshow equipment  3-7 years   87,987    72,341 
Building improvements  5-7 years   1,328,654    1,334,374 
Total cost      8,787,559    8,782,957 
Less: accumulated depreciation and amortization      (1,503,857)   (884,271)
              
Net property, plant and equipment     $7,283,702   $7,898,686 

 

Depreciation and amortization of property, plant and equipment aggregated $711,103 and $614,121 for the years ended December 31, 2023 and 2022, respectively. The cost and accumulated depreciation related to assets sold or retired are removed from the accounts and any gain or loss is credited or charged to income. The Company retired fixed assets during 2023 totaling $89,562 resulting in no gain or loss for the year ended December 31, 2023 on the Company’s Consolidated Statement of Operations. The Company retired fixed assets during 2022 totaling $549,104 resulting in a gain on sale of assets of $212,831 for the year ended December 31, 2022 on the Company’s Consolidated Statement of Operations.