Annual report pursuant to Section 13 and 15(d)

Property and Equipment

v3.21.1
Property and Equipment
 12 Months Ended
Dec. 31, 2020
Property, Plant and Equipment [Abstract]  
Property and Equipment

NOTE 4 - PROPERTY AND EQUIPMENT

 

Property and equipment was comprised of the following:

 

    December 31, 2020     December 31, 2019  
Field and shop equipment   $ 1,282,700     $ 2,240,700  
Vehicles     476,900       689,700  
Waste destruction equipment, placed in service     553,300       557,100  
Furniture and office equipment     345,700       346,300  
Leasehold improvements     36,200       36,300  
Building and improvements     21,200       21,200  
Land     162,900       162,900  
      2,878,900       4,054,200  
Less: accumulated depreciation and amortization     (2,330,900 )     (3,492,400 )
Property and equipment, net   $ 548,000     $ 561,800  

 

Depreciation expense for the years ended December 31, 2020 and 2019 was $128,100 and $309,600, respectively. For the year ended December 31, 2020 and 2019, depreciation expense included in cost of goods sold was $85,700 and $232,700, respectively. For the year ended December 31, 2020 and 2019 depreciation expense included in selling, general and administrative expenses was $42,300 and $76,900, 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, and an impairment charge of approximately $32,800 was taken in fiscal year 2019. No impairment charges were incurred in fiscal year 2020.

 

Depreciation expense on leased CoronaLux™ units included in accumulated depreciation and amortization above is $30,300 and $55,900 for the years ended December 31, 2020 and 2019, respectively.

 

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

 

    December 31,     December 31,  
    2020     2019  
Vehicles, field and shop equipment   $ 10,200     $ 370,900  
Less: accumulated amortization     (10,200 )     (316,300 )
    $ -     $ 54,600  

 

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 no impairment charges were required for licensed CoronaLux™ units in the year ended December 31, 2020 and 2019.