Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

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Property and Equipment
 6 Months Ended
Jun. 30, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment

4. Property and Equipment

 

At June 30, 2024 and December 31, 2023, property and equipment consisted of the following:

 

       
    June 30,   December 31,
    2024   2023
Machinery and equipment   $ 2,770,086     $ 2,692,473  
Furniture and fixtures     40,299       40,299  
Land     1,119,758       1,119,758  
Leasehold improvements     1,228,860       1,228,860  
Software and website development     300,935       300,935  
Computer hardware and software     169,854       159,342  
Boat molds     6,549,817       5,871,373  
Vehicles     143,360       143,360  
Electric prototypes and tooling     142,526       142,526  
Assets under construction     4,272,131       2,977,894  
      16,737,626       14,676,820  
Less accumulated depreciation and amortization     (3,230,954 )     (2,382,832 )
    $ 13,506,672     $ 12,293,988  

Depreciation and amortization expense of property and equipment for the three months ended June 30, 2024 and 2023 were $434,958 and $284,562, respectively. Depreciation and amortization expense of property and equipment for the six months ended June 30, 2024 and 2023 were $860,239 and $502,838, respectively.