Quarterly report [Sections 13 or 15(d)]

Property and Equipment

v3.25.2
Property and Equipment
 6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment

3. Property and Equipment

 

At June 30, 2025 and December 31, 2024, property and equipment consisted of the following:

 

               
    June 30,   December 31,
    2025   2024
Machinery and equipment   $ 2,633,992     $ 2,610,977  
Furniture and fixtures     36,816       36,816  
Land     —       1,119,758  
Leasehold improvements     3,121,983       1,228,860  
Software and website development     360,320       300,935  
Computer hardware and software     121,640       120,245  
Boat molds     5,495,190       7,270,411  
Vehicles     143,360       143,360  
Electric prototypes and tooling     —       142,526  
Assets under construction     1,133,050       6,130,786  
      13,046,351       19,104,674  
Less accumulated depreciation and amortization     (4,303,086 )     (4,066,876 )
    $ 8,743,265     $ 15,037,798  

 

Depreciation and amortization expense of property and equipment for the three months ended June 30, 2025 and 2024 were $425,551 and $434,958, respectively. Depreciation and amortization expense of property and equipment for the six months ended June 30, 2025 and 2024 were $867,223 and $860,239, respectively. At June 30, 2025, the Company has assets held for sale of $4,334,523. On May 28, 2025, the Company entered into a Mutual Release Agreement with the lessor, removing all obligations under the lease, and returning to the lessor all property, plant and equipment, brand name and all other leased assets. The Company recorded the elimination of ROU financial asset and lease liabilities from its balance sheet, recording a loss on disposition of $54,425. In addition, the company disposed of the related property and equipment with a net book value of $2,541,421.