General form of registration statement for all companies including face-amount certificate companies

7. Property and Equipment

v3.20.4
7. Property and Equipment
 9 Months Ended 12 Months Ended
Sep. 30, 2020
Dec. 31, 2019
Property, Plant and Equipment [Abstract]    
Property and Equipment

Note 8 – Property and Equipment

 

At September 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     48,378       47,064  
Software     1,995       1,995  
Total cost     4,837,958       4,836,644  
Less accumulated depreciation     (304,890 )     (183,206 )
Property and equipment, net   $ 4,533,068     $ 4,653,438  

 

Depreciation expense for the nine months ended September 30, 2020 and 2019 amounted to $121,684 and $112,107, 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 a security deposit, shown as other liability in non-current liability.

 

Note 7 – Property and Equipment

 

At December 31, 2019 and 2018, property and equipment consisted of the following:

 

    December 31,
2019		     December 31, 
2018		  
Warehouse   $ 3,789,773     $ 3,789,773  
Land     731,515       731,515  
Building Improvement     238,666       34,000  
Construction in progress     –       31,677  
Furniture and fixture     27,631       16,677  
Equipment     47,064       6,029  
Software     1,995       –  
Total cost     4,836,644       4,609,671  
Less accumulated depreciation     (183,206 )     (31,536 )
Property and equipment, net   $ 4,653,438     $ 4,578,135  

 

Depreciation expense for the years ended December 31, 2019 and 2018 amounted to $151,670 and $27,993, respectively.