| PROPERTY AND EQUIPMENT, NET |
9. PROPERTY AND EQUIPMENT, NET
Property and equipment, net, consists of the following:
| | |
As of September 30, | |
| | |
2024 | | |
2023 | |
| Cost | |
| | |
| |
| Office equipment | |
$ | 30,672 | | |
$ | 29,498 | |
| Vehicle | |
| 319,574 | | |
| 307,102 | |
| Leasehold improvement | |
| 10,385 | | |
| 9,955 | |
| | |
| 360,631 | | |
| 346,555 | |
| | |
| | | |
| | |
| Less: accumulated depreciation and amortization | |
| (274,824 | ) | |
| (187,913 | ) |
| Property and equipment, net | |
$ | 85,807 | | |
$ | 158,642 | |
| (1) | Depreciation expense was $86,911, $83,226 and $81,625 for the years ended September 30, 2024, 2023 and 2022, respectively. | | | | | (2) | In October 2022, EXTEND disposed one building and associated land in Tokyo, Japan for which the carrying value was $392,654 and $1,191,319, respectively. EXTEND received proceeds of $ 1,745,094 from the disposal, net off commission fees paid to agents, resulting in disposal gain of $125,804. | | | | | (3) | No impairment loss was recognized for the years ended September 30, 2024, 2023 and 2022. | | | | | (4) | As of September 30, 2024 and 2023, a vehicle, owned by Chuancheng Digital, for which the carrying value was $77,550 and $130,533, was pledged to secure a long-term loan from a financial institution. |
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