Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.19.2
Property and Equipment
 6 Months Ended
Jun. 30, 2019
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 3 – PROPERTY AND EQUIPMENT

 

Property and equipment consist of the following:

 

   

June 30,

2019

(Unaudited) 

    

December 31,

2018

  
Production tooling, jigs, fixtures   $ 70,749     $ 70,749  
Shop equipment and machinery     2,971,381       2,808,928  
Vehicles     188,597       188,597  
Leasehold improvements     380,544       276,901  
Office equipment     159,269       134,995  
Software     102,690       102,690  
Total property and equipment, cost     3,873,230       3,582,860  
Less: accumulated depreciation and amortization     (1,755,324 )     (1,460,103 )
Property and equipment, net   $ 2,117,906     $ 2,122,757  

 

Depreciation and amortization expense on property and equipment for the three months ended June 30, 2019 and June 30, 2018 was $151,959 and $78,598, respectively. During the three months ended June 30, 2019 and June 30, 2018, $141,759 and $69,785, respectively, of the depreciation expense was included in the balance of cost of sales.

 

Depreciation and amortization expense on property and equipment for the six months ended June 30, 2019 and June 30, 2018 was $295,221 and $154,947, respectively. During the six months ended June 30, 2019 and June 30, 2018, $275,533 and $137,403, respectively, of the depreciation expense was included in the balance of cost of sales.