Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

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PROPERTY AND EQUIPMENT
 9 Months Ended
Sep. 30, 2018
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 3 – PROPERTY AND EQUIPMENT

 

Property and equipment consists of the following:

 

   

September 30, 

2018 

(Unaudited) 

    

December 31, 

2017

  
Production tooling, jigs, fixtures   $ 70,749     $ 70,749  
Shop equipment and machinery     2,268,078       1,451,423  
Vehicles     127,495       122,264  
Leasehold improvements     72,161       42,173  
Office equipment     129,171       114,454  
Software     105,690       97,533  
Total property and equipment, cost     2,770,344       1,898,596  
Less: accumulated depreciation and amortization     (1,344,246 )     (1,074,520 )
Property and equipment, net   $ 1,426,098     $ 824,076  

 

Depreciation and amortization expense on property and equipment for the three months ended September 30, 2018 and September 30, 2017 was $114,779 and $65,679, respectively, and allocated between cost of sales and operating expenses. During the three months ended September 30, 2018 and September 30, 2017, $105,882 and $58,058, respectively, of depreciation expense was included in the balance of cost of sales.

 

Depreciation and amortization expense on property and equipment for the nine months ended September 30, 2018 and September 30, 2017 was $269,726 and $185,759, respectively, and allocated between cost of sales and operating expenses. During the nine months ended September 30, 2018 and September 30, 2017, $243,285 and $162,730, respectively, of depreciation expense was included in the balance of cost of sales.