Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.21.2
Property and Equipment
 9 Months Ended
Sep. 30, 2021
Property, Plant and Equipment [Abstract]  
Property and Equipment

Note 6 – Property and Equipment

 

At September 30, 2021 and December 31, 2020, property and equipment consisted of the following:

               
             
    September 30,
2021		     December 31,
2020		  
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     55,253       48,378  
Software     1,995       1,995  
Total cost     4,844,833       4,837,958  
Less accumulated depreciation     (467,380 )     (345,448 )
Property and equipment, net   $ 4,377,453     $ 4,492,510  

 

Depreciation expense for the nine months ended September 30, 2021 and 2020 amounted to $121,932 and $121,684, 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, included in other liability in other current liabilities as of September 30, 2021 and non-current liabilities as of December 31, 2020.