Annual report pursuant to Section 13 and 15(d)

Property and Equipment

v3.24.1
Property and Equipment
 12 Months Ended
Dec. 31, 2023
Property and Equipment [Abstract]
PROPERTY AND EQUIPMENT

NOTE 5 – PROPERTY AND EQUIPMENT

On December 31, 2023 and 2022, property and equipment consisted of the following:

Useful Life December 31,
2023		 December 31,
2022
Machinery and equipment 5 – 7 years $ 73,411 $ 124,133
Furniture and office equipment 3 – 7 years 2,061 32,306
Vehicles 1 – 5 years 68,050 62,195
Leasehold improvements 3 – 5 years 110,645 45,296
254,167 263,930
Less: accumulated depreciation (82,561 ) (167,624 )
Property and equipment, net $ 171,606 $ 96,306

During the years ended December 31, 2023 and 2022, the Company sold vehicles and other equipment for proceeds of $9,000 and $5,500 and record a gain on sale of property and equipment of $9,000 and $5,500, respectively, which is included in general and administrative expenses on the accompanying consolidated statement of operations. Additionally, in connection with the Company’s sale of its C-Bond nanoShield product line (see Note 16), the Company sold property and equipment with a net book value of $1,115, which is included in gain from sale of product line on the accompanying statement of operations. For the years ended December 31, 2023 and 2022, depreciation expense is included in general and administrative expenses and amounted to $38,355 and $38,716, respectively.