| PROPERTY AND EQUIPMENT, NET |
NOTE 8 — PROPERTY AND EQUIPMENT, NET
Property and equipment, net, consisted of the
following:
| | |
June 30,
2025 | | |
December 31,
2024 | |
| Building (1) | |
$ | 965,637 | | |
$ | - | |
| Bakery production equipment | |
| 1,163,372 | | |
| 1,155,420 | |
| Automobiles | |
| 112,593 | | |
| 110,567 | |
| Office equipment and furniture | |
| 1,031,562 | | |
| 938,252 | |
| Leasehold improvements | |
| 5,371,867 | | |
| 5,959,894 | |
| Subtotal | |
| 8,645,031 | | |
| 8,164,133 | |
| Less: accumulated depreciation | |
| (3,322,626 | ) | |
| (3,719,660 | ) |
| Total property and equipment, net | |
$ | 5,322,405 | | |
$ | 4,444,473 | |
| (1) | On January 21, 2025, the Company obtained one floor area of a building from its controlling shareholder, Mr. Gang Li, in the settlement of the amount due from him. The acquired property has an original value of $965,637 and a remaining useful life of 20 years. The Company intends to lease out this property which will generate stable rental income for the Company. |
Loss on disposal of property and equipment was
$77,505 and $nil for the six months ended June 30, 2025 and 2024, respectively.
Depreciation expenses were $374,851 and $436,412
for the six months ended June 30, 2025 and 2024, respectively.
|