Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.22.1
Property and Equipment
 3 Months Ended
Mar. 31, 2022
Property, Plant and Equipment [Abstract]  
Property and Equipment

Note 6 – Property and Equipment

 

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

               
    March 31, 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     38,714       27,631  
Equipment     90,180       71,368  
Software     1,995       1,995  
Total cost     4,892,433       4,860,948  
Less accumulated depreciation     (547,773 )     (507,608 )
Property and equipment, net   $ 4,344,660     $ 4,353,340  

 

Depreciation expense for the three months ended March 31, 2022 and 2021 amounted to $40,165 and $40,537, 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 March 31, 2022 and other liability in other current liability as of December 31, 2021.