v3.22.4
Property and Equipment
 9 Months Ended 12 Months Ended
Sep. 30, 2022
Dec. 31, 2021
Property, Plant and Equipment [Abstract]    
Property and Equipment

Note 5 – Property and Equipment

 

Property and equipment are comprised of the following:

 

           
   September 30, 2022   December 31, 2021 
Tools and molds  $1,990,000   $1,682,000 
Computer equipment   8,000    8,000 
Vehicles   113,000    45,000 
Total cost   2,111,000    1,735,000 
Accumulated depreciation   (954,000)   (577,000)
Net book value  $1,157,000   $1,158,000 

 

Depreciation expense for the nine months ended September 30, 2022 and 2021 was $377,000 and $234,000, respectively. On January 20, 2022, the Company financed the purchase of a vehicle for $49,000 (see Note 8). During the nine months ended September 30, 2022, the Company reclassified $247,000 from vendor deposits to property and equipment.

 

Note 3 – Property and Equipment

 

Property and equipment consist of the following at December 31, 2021 and 2020:

 

           
   2021   2020 
         
Tools and molds  $1,682,000   $592,000 
Office equipment   8,000    4,000 
Vehicles   45,000    45,000 
Total cost   1,735,000    641,000 
Less: accumulated depreciation and amortization   (577,000)   (278,000)
Property and equipment, net  $1,158,000   $363,000 

 

Depreciation expense for the years ended December 31, 2021 and 2020, was $299,000 and $265,000, respectively.