Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

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PROPERTY AND EQUIPMENT
6 Months Ended
Jun. 30, 2018
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 4 – PROPERTY AND EQUIPMENT

 

Property and equipment was comprised of the following:

 

    June 30, 2018     December 31, 2017  
Field and shop equipment   $ 2,213,200     $ 2,213,200  
Vehicles     690,000       690,000  
Waste destruction equipment, placed in service     627,800       627,800  
Furniture and office equipment     311,000       311,000  
Leasehold improvements     10,000       10,000  
Building and improvements     21,200       21,200  
Land     162,900       162,900  
      4,036,100       4,036,100  
Less: accumulated depreciation and amortization     (2,969,000 )     (2,739,700 )
   Property and equipment, net   $ 1,067,100     $ 1,296,400  

 

Depreciation expense for the three months ended June 30, 2018 and 2017 was $96,200 and $167,300, respectively and for the six months ended June 30, 2018 and 2017 was $229,300 and $323,700, respectively. For the three months ended June 30, 2018 depreciation expense included in cost of goods sold and selling, general and administrative expenses was $78,000 and $18,200 respectively. For the six months ended June 30, 2018 depreciation expense included in cost of goods sold and selling, general and administrative expenses was $192,500 and $36,800, respectively. For the three months ended June 30, 2017 depreciation expense included in cost of goods sold and selling, general and administrative expenses was $142,600 and $24,700 respectively. For the six months ended June 30, 2017 depreciation expense included in cost of goods sold and selling, general and administrative expenses was $274,700 and $49,000, respectively.

 

Accumulated depreciation on leased CoronaLux™ units included in accumulated depreciation and amortization above is $249,400 and $381,900 as of June 30, 2018 and 2017, respectively.

 

Property and equipment included the following amounts for leases that have been capitalized at:

 

             
    June 30, 2018     December 31,2017  
Vehicles, field and shop equipment   $ 407,100     $ 407,100  
Less: accumulated amortization     (279,500 )     (232,200 )
    $ 127,600     $ 174,900