Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

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

NOTE 3 – PROPERTY AND EQUIPMENT

 

Property and equipment consist of the following:

 

   

June 30,  

2018  

(Unaudited)

   

December 31,  

2017

  
Production tooling, jigs, fixtures   $ 70,749     $ 70,749  
Shop equipment and machinery     2,236,911       1,451,423  
Vehicles     127,495       122,264  
Leasehold improvements     42,173       42,173  
Office equipment     121,399       114,454  
Software     101,440       97,533  
Total property and equipment, cost     2,700,167       1,898,596  
Less: accumulated depreciation and amortization     (1,229,467 )     (1,074,520 )
Property and equipment, net   $ 1,470,700     $ 824,076  

 

Depreciation and amortization expense on property and equipment for the three months ended June 30, 2018 and June 30, 2017 was $78,598 and $60,906, respectively. During the three months ended June 30, 2018 and June 30, 2017, $69,785 and $53,232, 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, 2018 and June 30, 2017 was $154,947 and $120,080, respectively. During the six months ended June 30, 2018 and June 30, 2017, $137,403 and $104,672, respectively, of the depreciation expense was included in the balance of cost of sales.