General form of registration statement for all companies including face-amount certificate companies

Property & Equipment

v3.21.4
Property & Equipment
9 Months Ended 12 Months Ended
Sep. 30, 2021
Dec. 31, 2020
Property, Plant and Equipment [Abstract]    
Property & Equipment

Note 5 - Property & Equipment

 

As of September 30, 2021 and December 31, 2020, property and equipment consisted of the following:

 

 

As of

 

 

As of

 

 

September 30,

 

 

December 31,

 

 

2021

 

 

2020

 

 

 

 

 

 

 

Plant and equipment

$

6,145,822

 

 

$

5,507,377

 

Furniture and fixtures

 

38,751

 

 

 

35,421

 

Leasehold improvements

 

2,022,745

 

 

 

1,922,332

 

Website

 

111,002

 

 

 

111,002

 

Land

 

242,333

 

 

 

242,333

 

Building

 

1,399,200

 

 

 

1,399,200

 

Total cost

 

9,959,853

 

 

 

9,217,665

 

Less accumulated depreciation

 

(3,291,178

)

 

 

(2,372,533

)

Property and equipment, net

$

6,668,675

 

 

$

6,845,132

 

 

 

Depreciation expense for the nine months ended September 30, 2021 and 2020 was $1,009,192 and $962,296 respectively. Depreciation expense for the three months ended September 30, 2021 and 2020, was $341,707 and $315,000 respectively.

 

5 PROPERTY AND EQUIPMENT

 

Property and equipment consists of the following as of December 31:

 

    Useful Lives   2020     2019  
                 
Plant and equipment   3-5 years   $ 4,933,875     $ 4,046,634  
Furniture and fixtures   3-5 years     35,421       37,551  
Vehicles   5 years     394,681       502,312  
Leasehold improvements   Shorter of lease term or economic life     1,922,332       1,926,484  
Plates and dies   3-5 years     178,820       49,001  
Website   3 years     111,002       111,002  
Land   Indefinite     242,333       180,720  
Building   20 years     1,399,200       1,399,200  
Property and equipment, gross         9,217,664       8,252,904  
Less: accumulated depreciation         (2,372,532 )     (1,117,335 )
Property and equipment, net       $ 6,845,132     $ 7,135,569  

 

Depreciation expense was $1,290,128 and $1,089,744 for the years ended December 31, 2020 and 2019, respectively.