Annual report pursuant to Section 13 and 15(d)

PROPERTY AND EQUIPMENT

v3.23.1
PROPERTY AND EQUIPMENT
 12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 5 – PROPERTY AND EQUIPMENT

 

Property and equipment consisted of the following:

 

    December 31, 2022     December 31, 2021  
Office furniture and fixtures   $ 128,252     $ 16,969  
Computer equipment     72,345       67,458  
Rental equipment     37,531       53,296  
Appliques     2,160,096       2,160,096  
Leasehold improvements     47,792       -  
Website development (1)     665,030       247,541  
Property and equipment gross      3,111,046       2,545,360  
Less accumulated depreciation     (1,865,244 )     (1,502,501 )
                 
Total   $ 1,245,802     $ 1,042,859  

 

  (1) The increase in website development is directly related to the Company’s investment in its enterprise resource planning “ERP” system. For the year ended December 31, 2022, 19.2% or approximately $86,000 of the cost was expensed in the period incurred to SG&A and 80.8% or approximately $362,000 was capitalized and depreciated over its useful life. On January 1, 2023, the Company completed its implementation process.

 

Depreciation expenses were $465,059 and $292,102 for the year ended December 31, 2022 and 2021, respectively.

 

Total property and equipment were reduced by approximately $133,000 for assets still in service. These assets had a net book value of $0 as of December 31, 2022.

 

 

NEXTPLAT CORP AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)