Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.22.2
Property and Equipment
 6 Months Ended
Jun. 30, 2022
Property, Plant and Equipment [Abstract]  
Property and Equipment

Note 6 – Property and Equipment

 

At June 30, 2022 and December 31, 2021, property and equipment consisted of the following: 

           
    June 30, 2022     December 31, 2021  
Warehouse   $ 3,789,773     $ 3,789,773  
Land     731,515       731,515  
Building improvement     240,256       238,666  
Furniture and fixture     38,103       27,631  
Equipment     98,109       71,368  
Software     1,995       1,995  
Total cost     4,899,751       4,860,948  
Less accumulated depreciation     (589,626 )     (507,608 )
Property and equipment, net   $ 4,310,125     $ 4,353,340  

 

Depreciation expense for the six months ended June 30, 2022 and 2021 amounted to $82,063 and $80,872, 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 non-current liabilities as of June 30, 2022 and other liability in other current liability as of December 31, 2021.