v3.24.4
Plant, Property and Equipment
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Plant, Property and Equipment

Note 6 – Plant, Property and Equipment

 

Property, plant and equipment are stated at cost. Depreciation of property, plant and equipment begins in the month when the asset is placed into service and is provided using the straight-line method for financial reporting purposes at rates based on the estimated useful lives of the assets. Estimated useful lives range from three to twenty years. Property, plant and equipment consist of the following:

 

          
   Year Ended December 31, 
   2023   2022 
Equipment  $171,859   $162,534 
Computer equipment   7,368    16,418 
Furniture and fixtures   34,132    33,329 
Leasehold improvements   17,664    – 
Vehicles   324,841    265,774 
Total   555,864    478,055 
Less: Accumulated depreciation   (189,996)   (83,806)
Plant, property and equipment, net  $365,868   $394,249 

 

Depreciation expense for the years ended December 31, 2023 and 2022 amounted to $110,701 and $20,641, respectively.