v3.26.1
Equipment, net
 6 Months Ended
Jun. 30, 2026
Property, Plant, and Equipment [Abstract]  
Equipment, net

Note 5 – Equipment, net

 

As of June 30, 2026 and December 31, 2025, equipment consisted of the following:

          
   June 30,   December 31, 
   2026   2025 
Cost:          
Equipment  $52,625   $43,396 
Vehicles   574,069    686,434 
Equipment gross   626,694    729,830 
Less: accumulated depreciation   (142,644)   (99,551)
Equipment, net  $484,050   $630,279 

 

During the three and six months ended June 30, 2026 and 2025, the Company recorded depreciation as follows.

                
   Three Months Ended   Six months ended 
   June 30,   June 30, 
   2026   2025   2026   2025 
Depreciation  $28,385   $15,124   $58,604   $27,680 

 

During the six months ended June 30, 2026, the Company purchased equipment for $10,727. During the six months ended June 30, 2025, the Company purchased vehicles and equipment for $381,817, of which $118,776 were purchased with a financing loan, and transferred vehicles from inventory of $74,827 due to a change of use in 2025.

 

During the six months ended June 30, 2026, the Company sold and disposed of vehicles and equipment with a net book value of $98,353. In connection with these dispositions, the Company received cash from sale of equipment of $12,500, settled the related finance loan of $67,725 and paid $15,051 for settlement of finance loan, and settled other current liability of $922, resulting in a loss on disposal of $32,257.

 

Financing loan

 

The Company had a financing loan for the purchase of vehicle in September 2025. The loan repayment is $2,021 per month for 60 months, beginning October 2025, with an interest rate of 11.33%.

 

The Company had a financing loan for the purchase of vehicle in September 2025. The loan repayment is $2,083 per month for 48 months, beginning October 2025, with an interest rate of 11.90%. In June 2026, the Company sold the vehicle with a net book value of $83,489 and paid $15,051 to settle finance loan of $67,725. As a result, the Company recorded loss on disposal of $30,815.

 

During the three and six months ended June 30, 2026 and 2025, the Company recorded interest expense as follows:

                    
   Three Months Ended   Six months ended 
   June 30,   June 30, 
   2026   2025   2026   2025 
Interest expense  $3,569   $–   $7,997   $4,427 

 

As of June 30, 2026 and December 31, 2025, the Company had a financing loan of $81,113 and $163,381, respectively.