Quarterly report [Sections 13 or 15(d)]

Property and Equipment

v3.25.1
Property and Equipment
3 Months Ended
Mar. 31, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment

Note 5 – Property and Equipment

 

At March 31, 2025 and December 31, 2024, property and equipment consisted of the following:

           
    March 31, 2025     December 31, 2024  
Building improvement   $ 14,620     $ 14,620  
Furniture and fixtures     42,116       42,033  
Equipment     161,648       137,966  
Software     1,995       1,995  
Total cost     220,379       196,614  
Less accumulated depreciation     (141,713 )     (136,129 )
Property and equipment, net   $ 78,666     $ 60,485  

 

Depreciation expense for the three months ended March 31, 2025 and 2024 amounted to $5,453 and $35,330, respectively.

 

On July 8, 2024, the Company entered into a twelve-month Standard Industrial/Commercial Single-Tenant Lease with a third party for an approximately 14,004 square foot office and warehouse space. The lease commenced on July 4, 2024 and will end on July 31, 2025. The monthly rent is $16,804. The Company entered into a First Lease Amendment on March 21, 2025, extending the lease until January 31, 2026, with no changes to the original terms.