v3.26.1
Property and Equipment, Net and Intangible Assets, Net
 6 Months Ended
Jun. 30, 2026
Property and Equipment, Net and Intangible Assets, Net [Abstract]  
PROPERTY AND EQUIPMENT, NET AND INTANGIBLE ASSETS, NET

NOTE 6: PROPERTY AND EQUIPMENT, NET AND INTANGIBLE ASSETS, NET

 

Property and equipment, net, consist of the following:

 

    June 30,
2026
(unaudited)		     December 31,
2025		     Useful Life
Leasehold improvements   $ 150,973     $ 150,973     Life of lease (33 months)
Equipment*     1,546,897       1,546,897     3-5 years
Less: accumulated depreciation     (650,316 )     (490,814 )    
Property and Equipment, net   $ 1,047,554     $ 1,207,056      

 

* The equipment was pledged as collateral to secure the Company’s borrowings from M&T Bank and Maxus Machinery (see Note 7).

 

Depreciation expense amounted to $79,751 for the three months ended June 30, 2026 and $133,673 for the three months ended June 30, 2025. Depreciation expense amounted to $159,502 for the six months ended June 30, 2026 and $230,706 for the six months ended June 30, 2025.

 

Intangible assets, net, consist of the following:

 

    June 30,
2026
(unaudited)		     December 31,
2025		  
Software development   $ 806,614     $ 806,614  
Less: accumulated amortization     (470,525 )     (336,089 )
Software development, net   $ 336,089     $ 470,525  

 

Amortization expense amounted to $67,218 for the three months ended June 30, 2026 and June 30, 2025. Amortization expense amounted to $134,436 for the six months ended June 30, 2026 and June 30, 2025.

 

The following table represents the total estimated amortization of intangible assets for the succeeding years:

 

    Estimated  
    amortization  
For the period ending June 30:   expense  
2026 (remaining)   $ 134,436  
2027     201,653  
    $ 336,089