Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

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Property and Equipment
9 Months Ended
Sep. 30, 2018
Property and Equipment [Abstract]  
PROPERTY AND EQUIPMENT
5. PROPERTY AND EQUIPMENT

 

Property and equipment is recorded at cost when acquired.  Depreciation is provided principally on the straight-line method over the estimated useful lives of the related assets, which is 3-7 years for equipment, furniture and fixtures, hardware and software and leasehold improvements.   During the nine months ended September 30, 2018, the Company invested $5,279 in shop machinery and equipment and computers. During that same time period, the company sold a company vehicle for $60,000 cash and wrote off several items of abandoned equipment resulting in a $10,002 loss on disposal of assets. Depreciation expense was $29,238 and $26,350 for the nine months ended September 30, 2018 and 2017, respectively. Property and equipment consists of the following at September 30, 2018 and December 31, 2017:

 

      September 30,
2018
    December 31,
2017
 
  Shop machinery and equipment   $ 87,534     $ 87,704  
  Computers and electronics     32,093       35,270  
  Office furniture and fixtures     37,814       37,814  
  Vehicle     -       73,142  
  Leasehold improvements     19,514       19,514  
        176,955       253,444  
  Less - accumulated depreciation     (114,979 )     (97,507 )
      $ 61,976     $ 155,937