Annual report pursuant to Section 13 and 15(d)

PROPERTY AND EQUIPMENT

v3.22.1
PROPERTY AND EQUIPMENT
 12 Months Ended
Dec. 31, 2021
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 3 – PROPERTY AND EQUIPMENT

 

Property and equipment as of December 31, 2021 and 2020 is summarized as follows:

 

           
    2021     2020  
Computer equipment   $ 30,155     $ 20,143  
Machinery     104,102       —   
Furniture and fixtures     13,278       5,140  
Subtotal     147,535       25,283  
Less accumulated depreciation     (25,947 )     (18,741 )
Property and equipment, net   $ 121,588     $ 6,542  

 

Property and equipment are stated at cost and depreciated using the straight-line method over their estimated useful lives of 3 years. When retired or otherwise disposed, the related carrying value and accumulated depreciation are removed from the respective accounts and the net difference less any amount realized from disposition, is reflected in earnings.

 

Depreciation expense was $101,334 and $5,933 for the year ended December 31, 2021 and 2020.