Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.22.2.2
Property and Equipment
 9 Months Ended
Sep. 30, 2022
PROPERTY AND EQUIPMENT  
Property and Equipment

NOTE 6 – PROPERTY AND EQUIPMENT

Property and equipment consist of the following at:

 

 

 

September 30, 2022

 

 

December 31, 2021

 

Equipment

 

$

144,371

 

 

$

222,222

 

Furniture and fixtures

 

 

332,179

 

 

 

341,769

 

Leasehold improvements

 

 

745,453

 

 

 

621,527

 

Total cost

 

 

1,222,003

 

 

 

1,185,518

 

Accumulated depreciation

 

 

(484,562

)

 

 

(295,583

)

Property and equipment, net

 

$

737,441

 

 

$

889,935

 

 

Depreciation expense was $164,800 and $134,609 for the nine months ended September 30, 2022 and 2021, respectively. Depreciation expense was $82,066 and $58,545 for the three months ended September 30, 2022 and 2021, respectively. During the nine months ended September 30, 2022, the Company disposed of obsolete equipment and recognized a loss on disposal of assets of $60,471 in the accompanying condensed consolidated statement of operations.