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

Property and Equipment

v3.22.4
Property and Equipment
 9 Months Ended 12 Months Ended
Sep. 30, 2022
Dec. 31, 2021
Property, Plant and Equipment [Abstract]    
Property and Equipment

Note 6. Property and Equipment

 

At September 30, 2022 and December 31, 2021, property and equipment consisted of the following:

 

    September 30,     December 31,  
    2022     2021  
Office equipment   $ 17,061     $ 17,061  
Computer equipment     14,907       14,907  
Vehicle     28,143       28,143  
Software     158,212       93,012  
Machinery     3,280,911       3,280,911  
Leasehold improvements     372,867       198,645  
R&D - Software     386,182       -  
Construction in progress     950,630       150,611  
Property and equipment, gross     5,208,913       3,783,290  
Accumulated depreciation     (3,247,079 )     (3,008,220 )
Property and equipment, net of accumulated depreciation   $ 1,961,834     $ 775,070  

 

Depreciation expense of property and equipment for the nine months ended September 30, 2022 and 2021 is $238,859 and $294,629, respectively, of which $142,248 and $270,151, respectively, are included in cost of revenue.

 

During the nine months ended September 30, 2022 and 2021, the Company purchased assets of $1,425,623 and $30,266.

 

Note 4. Property and Equipment

 

At December 31, 2021 and 2020, property and equipment consisted of the following:

 

    December 31,     December 31,  
    2021     2020  
Office equipment   $ 17,061     $ 17,061  
Computer equipment     14,907       -  
Vehicle     28,143       28,143  
Software     93,012       80,362  
Machinery     3,280,911       3,254,994  
Leasehold improvements     198,645       184,890  
Construction in progress     150,611       -  
Property and equipment, gross     3,783,290       3,565,450  
Accumulated depreciation     (3,008,220 )     (2,613,252 )
Property and equipment, net of accumulated depreciation   $ 775,070     $ 952,198  

 

Depreciation expense of property and equipment for the years ended December 31, 2021 and 2020 is $394,968 and $466,836, respectively.

 

During the years ended December 31, 2021 and 2020, the Company purchased assets of $217,840 and $4,508, respectively.