Annual report pursuant to Section 13 and 15(d)

PROPERTY AND EQUIPMENT

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PROPERTY AND EQUIPMENT
 12 Months Ended
Dec. 31, 2021
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 4 - PROPERTY AND EQUIPMENT

 

Property and equipment was comprised of the following:

 

    December 31,
2021		     December 31,
2020		  
             
Field and shop equipment   $ 553,200     $ 1,282,700  
Vehicles     72,500       476,900  
Waste destruction equipment, placed in service     553,300       553,300  
Furniture and office equipment     342,400       345,700  
Leasehold improvements     36,200       36,200  
Building and improvements     21,200       21,200  
Land     162,900       162,900  
Property and equipment, gross     1,741,700       2,878,900  
Less: accumulated depreciation and amortization     (1,308,700 )     (2,330,900 )
Property and equipment, net   433,000     548,000  
Classified as assets held for sale     -       700  
Property and equipment, Total   $ 433,000     $ 547,300  

 

Depreciation expense for the years ended December 31, 2021, and 2020 was $105,900 and $128,100, respectively. For the year ended December 31, 2021, and 2020, depreciation expense included in cost of goods sold was $80,200 and $85,700, respectively. For the year ended December 31, 2021, and 2020 depreciation expense included in selling, general and administrative expenses was $25,700 and $42,300, 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. No impairment charges were incurred in fiscal years 2021 and 2020.

 

Depreciation expense on leased CoronaLux™ units included in accumulated depreciation and amortization above is $29,600 and $30,300 for the years ended December 31, 2021, and 2020, respectively.

 

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

 

    December 31,     December 31,  
    2021     2020  
Vehicles, field and shop equipment   $ 10,200     $ 10,200  
Less: accumulated amortization     (10,200 )     (10,200 )
Property and equipment for lease capitalized   $ -     $ -  

 

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, 2021, and 2020.