Annual report pursuant to Section 13 and 15(d)

Property and Equipment

v3.20.1
Property and Equipment
 12 Months Ended
Dec. 31, 2019
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 3 – PROPERTY AND EQUIPMENT

 

Property and equipment consist of the following:

 

    December 31,
2019		     December 31,
2018		  
Production tooling, jigs, fixtures   $ 70,749     $ 70,749  
Shop equipment and machinery     3,264,012       2,808,928  
Vehicles     188,597       188,597  
Leasehold improvements     390,004       276,901  
Office equipment     172,192       134,995  
Software     102,690       102,690  
Total property and equipment, cost     4,188,244       3,582,860  
Less: accumulated depreciation and amortization     (2,088,210 )     (1,460,103 )
Property and equipment, net   $ 2,100,034     $ 2,122,757  

 

Depreciation and amortization expense on property and equipment for the years ended December 31, 2019 and 2018 was $628,107 and $385,583 respectively. During the years ended December 31, 2019 and 2018, $586,217 and $349,750, respectively, of depreciation expense was included in cost of sales for the years then ended.