| Property and Equipment |
At March 31, 2021 and December 31, 2020, property
and equipment consisted of the following:
| |
|
March 31, |
|
December 31, |
| |
|
2021 |
|
2020 |
| Machinery and equipment |
|
$ |
978,364 |
|
|
$ |
985,862 |
|
| Furniture and fixtures |
|
|
1,850 |
|
|
|
1,850 |
|
| Leasehold improvements |
|
|
413,609 |
|
|
|
228,875 |
|
| Software and website development |
|
|
113,120 |
|
|
|
113,120 |
|
| Computer hardware and software |
|
|
51,962 |
|
|
|
49,967 |
|
| Boat molds |
|
|
126,000 |
|
|
|
126,000 |
|
| New model development |
|
|
402,752 |
|
|
|
146,232 |
|
| |
|
|
2,087,657 |
|
|
|
1,651,906 |
|
| Less accumulated depreciation and amortization |
|
|
(331,002 |
) |
|
|
(286,877 |
) |
| |
|
$ |
1,756,655 |
|
|
$ |
1,365,029 |
|
Depreciation and amortization expense of property
and equipment for the three months ended March 31, 2021 and 2020 is $46,523 and $30,821, respectively.
|
3. Property and Equipment
At December 31, 2020 and 2019, property and equipment
consisted of the following:
| |
|
December 31, |
|
| |
|
2020 |
|
|
2019 |
|
| |
|
|
|
|
|
|
| Machinery and equipment |
|
$ |
985,862 |
|
|
$ |
1,054,696 |
|
| Furniture and fixtures |
|
|
1,850 |
|
|
|
1,850 |
|
| Leasehold improvements |
|
|
228,875 |
|
|
|
109,499 |
|
| Software and website development |
|
|
113,120 |
|
|
|
101,320 |
|
| Computer hardware and software |
|
|
49,967 |
|
|
|
49,967 |
|
| Boat molds |
|
|
126,000 |
|
|
|
126,000 |
|
| New model development |
|
|
146,232 |
|
|
|
56,462 |
|
| |
|
|
1,651,906 |
|
|
|
1,499,794 |
|
| Less accumulated depreciation and amortization |
|
|
(286,877 |
) |
|
|
(173,816 |
) |
| |
|
$ |
1,365,029 |
|
|
$ |
1,325,978 |
|
Depreciation and amortization expense of property
and equipment for the years ended December 31, 2020 and 2019 is $155,728 and $115,056, respectively.
|