Quarterly report pursuant to Section 13 or 15(d)

Note 12 - Property and Equipment, Net

v3.23.3
Note 12 - Property and Equipment, Net
 9 Months Ended
Sep. 30, 2023
Notes to Financial Statements  
Property, Plant and Equipment Disclosure [Text Block]

Note 12. Property and Equipment, net

 

Property and equipment, net consisted of the following:

 

   

September 30, 2023

    

December 31, 2022

  
   

(Unaudited)

    

(Audited)

  

Building

   $ 2,116,000     $ -  

Vehicles

     491,466       -  

Office furniture and fixtures

     502,099       128,252  

Land

     184,000       -  

Leasehold improvements

     123,630       47,792  

Computer equipment

     77,590       72,345  

Rental equipment

     57,759       37,531  

Appliques

     2,160,096       2,160,096  

Website development

     738,784       665,030  

Property and equipment gross

     6,451,424       3,111,046  

Less: accumulated depreciation

     (2,404,570 )     (1,865,244 )

Property and equipment, net

   $ 4,046,854     $ 1,245,802  

 

Depreciation expense was approximately $540,000 and $329,000 for the nine months ended September 30, 2023 and 2022, respectively.

 

The increase in property and equipment was attributable to the consolidation of Progressive Care as of  July 1, 2023.