| Property & Equipment |
Note
5 - Property & Equipment
As
of September 30, 2021 and December 31, 2020, property and equipment consisted of the following:
Schedule
of Property and Equipment
|
|
|
|
|
|
|
|
|
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 & Equipment
Property
and equipment consists of the following as of December 31:
Schedule
of Property and Equipment
| |
|
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.
|