Annual report [Section 13 and 15(d), not S-K Item 405]

Property and Equipment

v3.25.1
Property and Equipment
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment

5. Property and Equipment

 

At December 31, 2024 and 2023, property and equipment consisted of the following:

 

               
    December 31,   December 31,
    2024   2023
Machinery and equipment   $ 2,610,977     $ 2,692,473  
Furniture and fixtures     36,816       40,299  
Land     1,119,758       1,119,758  
Leasehold improvements     1,228,860       1,228,860  
Software and website development     300,935       300,935  
Computer hardware and software     120,245       159,342  
Boat molds     7,270,411       5,871,373  
Vehicles     143,360       143,360  
Electric prototypes and tooling     142,526       142,526  
Assets under construction     6,130,786       2,977,894  
      19,104,674       14,676,820  
Less accumulated depreciation and amortization     (4,066,876 )     (2,382,832 )
    $ 15,037,798     $ 12,293,988  

 

During the year, the Company obtained an appraisal of its partially constructed facility in Monroe, NC and evaluated the carrying costs of its assets, primarily its inventory and fixed assets. Based on this analysis, the company recorded an impairment charge of $1,674,000 against the carrying cost of its partially constructed building at June 30, 2024. The Company has evaluated any material liabilities resulting from this action and has determined that there are no additional material liabilities to be recorded.

 

Depreciation and amortization expense of property and equipment for the year ended December 31, 2024 and 2023 is $1,745,217 and $1,353,383, respectively.