Annual report pursuant to Section 13 and 15(d)

Property and Equipment

v3.23.1
Property and Equipment
 12 Months Ended
Dec. 31, 2022
Property and Equipment [Abstract]
PROPERTY AND EQUIPMENT

NOTE 6 – PROPERTY AND EQUIPMENT

On December 31, 2022 and 2021, property and equipment consisted of the following:

Useful Life December 31,
2022		 December 31,
2021
Machinery and equipment 5 – 7 years $ 124,133 $ 124,133
Furniture and office equipment 3 – 7 years 32,306 32,306
Vehicles 1 – 5 years 62,195 63,009
Leasehold improvements 3 – 5 years 45,296 45,296
263,930 264,744
Less: accumulated depreciation (167,624 ) (129,722 )
Property and equipment, net $ 96,306 $ 135,022

During the year ended December 31, 2022, the Company sold a vehicle and other equipment for proceeds of $5,500 and record a gain on sale of property and equipment of $5,500 which is included in general and administrative expenses on the accompanying consolidated statement of operations. During the year ended December 31, 2021, the Company sold a vehicle for proceeds of $13,000 and record a gain on sale of property and equipment of $13,000 which is included in general and administrative expenses on the accompanying consolidated statement of operations. For the years ended December 31, 2022 and 2021, depreciation expense is included in general and administrative expenses and amounted to $38,716 and $23,872, respectively.