Annual report pursuant to Section 13 and 15(d)

Property and Equipment, Net

Property and Equipment, Net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Note 5 – Property and Equipment, Net

Property and equipment, net at December 31, 2023 and 2022 consisted of the following:

Schedule of Property and Equipment, Net

	December 31, 2023			December 31, 2022

Buildings	$	4,268,028		$	4,181,434
Land		550,700			550,700
Equipment		1,746,412			1,637,585
Equipment under capital leases		189,711			189,711
Furniture		123,497			38,798
Leasehold improvements		151,790			2,160
Computer equipment		32,115			32,115
Software		7,775			402,815
Property and equipment, gross		7,070,028			7,035,318
Less accumulated depreciation		(2,748,729	)		(2,841,019	)
Property and equipment, net	$	4,321,299		$	4,194,299

Property and equipment are depreciated on a straight-line basis over their respective lives. Buildings are depreciated over 39 years, leasehold improvements are depreciated over the life of the lease(s) and the remaining equipment is being depreciated over lives ranging from three to seven years. Depreciation expense on property and equipment was $0.3 million and $0.5 million for the years ended December 31, 2023 and 2022, respectively.

Management periodically reviews the valuation of long-lived assets, including property and equipment, for potential impairment. The Company did not record an asset impairment charge during the years ended December 31, 2023 and 2022.