Quarterly report pursuant to Section 13 or 15(d)

8. Property and Equipment

v3.20.2
8. Property and Equipment
 6 Months Ended
Jun. 30, 2020
Property, Plant and Equipment [Abstract]  
Property and Equipment

Note 8 – Property and Equipment

 

At June 30, 2020 and December 31, 2019, property and equipment consisted of the following:

 

    June 30,
2020		     December 31,
2019		  
Warehouse   $ 3,789,773     $ 3,789,773  
Land     731,515       731,515  
Building improvement     238,666       238,666  
Furniture and fixture     27,631       27,631  
Equipment     47,064       47,064  
Software     1,995       1,995  
Total cost     4,836,644       4,836,644  
Less accumulated depreciation     (264,331 )     (183,206 )
Property and equipment, net   $ 4,572,313     $ 4,653,438  

 

Depreciation expense for the six months ended June 30, 2020 and 2019 amounted to $81,125 and $71,168, respectively.

 

The Company purchased a warehouse in Ontario, California in September 2018 and leased an unused portion to a third party. The tenant paid $12,335 as security deposit, shown as other liability in non-current liabilities.