Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.23.2
Property and Equipment
 6 Months Ended
Jun. 30, 2023
Property, Plant and Equipment [Abstract]  
Property and Equipment

4. Property and Equipment

 

At June 30, 2023 and December 31, 2022, property and equipment consisted of the following:

 

       
    June 30,   December 31,
    2023   2022
Machinery and equipment   $ 2,315,568     $ 1,977,482  
Furniture and fixtures     22,487       20,335  
Land     1,000,000       —  
Leasehold improvements     1,140,224       950,132  
Software and website development     90,396       148,693  
Computer hardware and software     277,217       123,088  
Boat molds     4,356,966       2,277,664  
Vehicles     143,360       94,534  
Electric prototypes and tooling     142,526       142,526  
Assets under construction     1,628,654       859,839  
      11,117,398       6,594,293  
Less accumulated depreciation and amortization     (1,561,231 )     (1,058,391 )
    $ 9,556,167     $ 5,535,902  

 

Depreciation and amortization expense of property and equipment for the three months ended June 30, 2023 and 2022 are $284,562 and $119,817, respectively. Depreciation and amortization expense of property and equipment for the six months ended June 30, 2023 and 2022 are $502,840 and $199,909, respectively.