Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

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PROPERTY AND EQUIPMENT
6 Months Ended
Jun. 30, 2023
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 4 – PROPERTY AND EQUIPMENT

 

Property and equipment was comprised of the following:

 

   

June 30,

2023

   

December 31,

2022

 
    (unaudited)        
Field and shop equipment   $ 453,000     $ 395,000  
Vehicles     72,500       72,500  
Furniture and office equipment     293,400       333,800  
Leasehold improvements     36,200       36,200  
Property and equipment, gross     855,100       837,500  
Less: accumulated depreciation and amortization     (826,300 )     (798,900 )
Property and equipment, net   $ 28,800     $ 38,600  

 

Depreciation expense for the three months ended June 30, 2023, and 2022 was $4,900 and $23,100, respectively. For the three months ended June 30, 2023, and 2022, depreciation expense included in cost of goods sold was $4,900 and $19,700, respectively. For the three months ended June 31, 2023, and 2022, depreciation expense included in selling, general and administrative expenses was $0 and $3,400, respectively.

 

 

Depreciation expense for the six months ended June 30, 2023, and 2022 was $9,800 and $47,900, respectively. For the six months ended June 30, 2023, and 2022, depreciation expense included in cost of goods sold was $9,800 and $38,100, respectively. For the six months ended June 30, 2023, and 2022, depreciation expense included in selling, general and administrative expenses was $0 and $9,800, respectively.