v3.25.4
Note 6 – Fixed Assets, net
 9 Months Ended 12 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Property, Plant and Equipment [Abstract]    
Note 6 – Fixed Assets, net

Note 6 - Fixed Assets, Net

 

At September 30, 2025 and December 31, 2024, fixed assets consisted of the following:

                 
   September 30, 2025  December 31, 2024
Land  $19,793,362   $—   
Building   158,256,285    —   
Site improvements   1,127,597    —   
Computers   129,753    102,507 
Furniture and fixtures   18,333    28,786 
Office equipment   127,563    112,111 
Leasehold improvements   17,576    12,643 
Fixed assets, gross   179,470,469    256,047 
Less: accumulated depreciation   (1,617,602)   (112,241)
Fixed assets, net  $177,852,867   $143,806 

 

Depreciation expense for the nine months ended September 30, 2025 and 2024 was $1,505,361 and $46,919, respectively. Depreciation expense for the three months ended September 30, 2025 and 2024 was $1,479,116 and $13,905, respectively.

 

Note 6 – Fixed Assets, net

 

At December 31, 2024 and 2023, fixed assets consisted of the following:

                                                 
  

December 31, 2024

  December 31, 2023
   Cost  Accumulated depreciation  Net Book Value  Cost  Accumulated depreciation  Net Book Value
Computers  $102,507   $71,929   $30,578   $64,615   $44,111   $20,504 
Furniture and Fixtures   28,786    12,753    16,033    14,802    2,767    12,035 
Office Equipment   112,111    19,495    92,616    34,721    7,053    27,668 
Vehicles   —      —      —      90,285    40,629    49,657 
Leasehold improvements   12,643    8,064    4,579    13,871    3,052    10,819 
   $256,047   $112,241   $143,806   $218,295   $97,612   $120,683 

 

Depreciation expense for the years ended December 31, 2024 and 2023 was $71,364 and $44,643, respectively. The Company evaluates the recoverability of the carrying value of equipment when events and circumstances indicate that such assets might be impaired. There were no such charges during the year ended December 31, 2024.

 

During the years ended December 31, 2024, the Company sold vehicle costing $90,285, for which the company has charged accumulated depreciation of $56,077 till the date of sale. $40,000 has been received as sale proceeds for sale of vehicle, and the Company recognized gain on sale of vehicle of $5,792. The Company has written off furniture and fixtures, and leasehold improvements with net book value of $1,319 and recognized the same as loss on write off of assets. There were $0 gain or loss on sale/ write off of assets as of December 31, 2023.