v3.25.2
PROPERTY AND EQUIPMENT, NET
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT, NET

8. PROPERTY AND EQUIPMENT, NET

 

As of December 31, 2024 and 2023, property and equipment, net consisted of the following:

 

   2024   2023 
   As of 
   December 31,   December 31, 
   2024   2023 
Production line for e-bicycles  $829,004   $1,719,776 
Furniture, fixtures and office equipment   46,665    181,360 
Vehicles   -    78,475 
Property and equipment, gross   875,669    1,979,611 
Less: accumulated depreciation   147,231    898,864 
Property and equipment, net  $728,438   $1,080,747 

 

For the years ended December 31, 2024, 2023 and 2022, depreciation expense amounted to $252,882, $253,997, and $162,333, respectively.