General form of registration statement for all companies including face-amount certificate companies

PROPERTY AND EQUIPMENT

v3.24.1.u1
PROPERTY AND EQUIPMENT
12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 4 – PROPERTY AND EQUIPMENT

 

The major classes of property and equipment are as follows at December 31, 2023 and 2022:

 

Schedule of property and equipment            
    December 31,     December 31,  
    2023     2022  
Furniture & Fixtures   132,018     115,238  
Tools and Equipment     1,291,673       1,162,568  
Leasehold Improvements     298,004       228,404  
Internal Use Software     381,441       100,241  
Property, Plant and Equipment, Gross     2,103,136       1,606,451  
Accumulated Depreciation     (1,376,629 )     (976,961 )
Property, Equipment and Software, net   726,507      $ 629,490  

 

             
    December 31,     December 31,  
    2023     2022  
Internal Use Software consisted of the following:        
Internal Use Software   381,441     100,241  
Accumulated depreciation     (133,149 )     (57,032 )
Internal Use Software, net   248,292     43,209  

 

                 
    December 31,     December 31,  
    2023     2022  
Depreciation Expense:            
Property and equipment, excluding internal use software   315,686     262,895  
Software amortization expense     84,328       57,033  

 

The following is a schedule of estimated future depreciation expense of software at December 31, 2023:

           
  2024     $ 100,952  
  2025       103,716  
  2026       43,624  
        248,292  

  

Depreciation expense in 2023 and 2022 was $315,686 and $267,959, respectively.