Annual report pursuant to Section 13 and 15(d)

Property and Equipment

v3.24.1
Property and Equipment
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Property and Equipment

5. Property and Equipment

 

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

 

       
    December 31,   December 31,
    2023   2022
Machinery and equipment   $ 2,692,473     $ 1,977,482  
Furniture and fixtures     40,299       20,335  
Land     1,119,758       —  
Leasehold improvements     1,228,860       950,132  
Software and website development     300,935       148,693  
Computer hardware and software     159,342       123,088  
Boat molds     5,871,373       2,277,664  
Vehicles     143,360       94,534  
Electric prototypes and tooling     142,526       142,526  
Assets under construction     2,977,894       859,839  
      14,676,820       6,594,293  
Less accumulated depreciation and amortization     (2,382,832 )     (1,058,391 )
    $ 12,293,988     $ 5,535,902  

 

Depreciation and amortization expense of property and equipment for the year ended December 31, 2023 and 2022 is $1,353,383 and $553,750, respectively.