Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.23.3
Property and Equipment
 9 Months Ended
Sep. 30, 2023
Property, Plant and Equipment [Abstract]  
Property and Equipment

4. Property and Equipment

 

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

 

               
    September 30,   December 31,
    2023   2022
Machinery and equipment   $ 3,306,038     $ 1,977,482  
Furniture and fixtures     23,826       20,335  
Land     1,119,758       —  
Leasehold improvements     1,122,553       950,132  
Software and website development     221,436       148,693  
Computer hardware and software     155,566       123,088  
Boat molds     3,707,930       2,277,664  
Vehicles     143,360       94,534  
Electric prototypes and tooling     142,526       142,526  
Assets under construction     2,013,411       859,839  
      11,956,404       6,594,293  
Less accumulated depreciation and amortization     (1,903,057 )     (1,058,391 )
    $ 10,053,347     $ 5,535,902  

  

Depreciation and amortization expense of property and equipment for the three months ended September 30, 2023 and 2022 are $341,826 and $172,602, respectively. Depreciation and amortization expense of property and equipment for the nine months ended September 30, 2023 and 2022 are $844,665 and $372,511, respectively.