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

Property and Equipment

v3.25.4
Property and Equipment
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment

4. Property and Equipment

 

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

 

                 
    December 31,   December 31,
    2025   2024
Machinery and equipment   $ 3,354,246     $ 2,610,977  
Furniture and fixtures     36,816       36,816  
Land     —       1,119,758  
Leasehold improvements     3,219,520       1,228,860  
Software and website development     1,089,155       300,935  
Computer hardware and software     120,328       120,245  
Boat molds     5,347,338       7,270,411  
Vehicles     94,534       143,360  
Electric prototypes and tooling     —       142,526  
Assets under construction     17,600       6,130,786  
      13,279,537       19,104,674  
Less accumulated depreciation and amortization     (4,936,576 )     (4,066,876 )
    $ 8,342,961     $ 15,037,798  

 

Depreciation and amortization expense of property and equipment for the years ended December 31, 2025 and 2024 were $1,734,230 and $1,745,217, respectively. On May 28, 2025, the Company entered into a Mutual Release Agreement with a 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 $57,903. In addition, the Company disposed of the related property and equipment with a net book value of $2,545,899.