Annual report pursuant to Section 13 and 15(d)

Property and Equipment

v3.20.1
Property and Equipment
 12 Months Ended
Dec. 31, 2019
Property, Plant and Equipment [Abstract]  
Property and Equipment

NOTE 4 - PROPERTY AND EQUIPMENT

 

Property and equipment was comprised of the following:

 

    December 31, 2019     December 31, 2018  
Field and shop equipment   $ 2,240,700     $ 2,272,100  
Vehicles     689,700       690,000  
Waste destruction equipment, placed in service     557,100       557,100  
Furniture and office equipment     346,300       312,400  
Leasehold improvements     36,300       10,000  
Building and improvements     21,200       21,200  
Land     162,900       162,900  
      4,054,200       4,025,700  
Less: accumulated depreciation and amortization     (3,492,400 )     (3,193,800 )
Property and equipment, net   $ 561,800     $ 831,900  

 

Depreciation expense for the years ended December 31, 2019 and 2018 was $309,600 and $454,100, respectively. For the year ended December 31, 2019 depreciation expense included in cost of goods sold and selling, general and administrative expenses was $232,700 and $76,900, respectively. For the year ended December 31, 2018 depreciation expense included in cost of goods sold and selling, general and administrative expenses was $381,300 and $72,800, respectively.

 

The Company has evaluated its fixed assets, and has determined that an impairment charge was required for shop equipment that will not be utilized in 2020 of approximately $32,800.

 

Depreciation expense on leased CoronaLux™ units included in accumulated depreciation and amortization above is $55,900 and $70,100 for the years ended December 31, 2019 and 2018, respectively.

 

Property and equipment includes the following amounts for leases that have been capitalized at December 31:

 

    December 31,     December 31,  
    2019     2018  
Vehicles, field and shop equipment   $ 370,900     $ 407,100  
Less: accumulated amortization     (316,300 )     (298,100 )
    $ 54,600     $ 109,000  

 

The capitalized leases have a security interest held by the lessor in their respective equipment.

 

The Company has evaluated its fixed assets and has determined that an impairment charge was required for one licensed CoronaLux™ unit of approximately $70,700 in the year ended December 31, 2018. No impairment was required upon analysis for the year ended December 31, 2019.