v3.26.1
PROPERTY AND EQUIPMENT, NET
 6 Months Ended
Jun. 30, 2026
Property, Plant, and Equipment [Abstract]  
PROPERTY AND EQUIPMENT, NET

NOTE 7 — PROPERTY AND EQUIPMENT, NET

As of June 30, 2026 and December 31, 2025, property and equipment, net consist of the following:

 

 

 

June 30,
2026

 

 

December 31,
2025

 

Buildings and facilities attached to buildings

 

$

4,219,968

 

 

$

4,287,588

 

Machinery, equipment and automobiles

 

 

4,020,632

 

 

 

4,228,598

 

Aircraft

 

 

232,909

 

 

 

241,434

 

Software

 

 

6,174,195

 

 

 

5,879,421

 

Construction in progress

 

 

2,007,531

 

 

 

2,041,608

 

Subtotal

 

 

16,655,235

 

 

 

16,678,649

 

Less: accumulated depreciation

 

 

(8,155,629

)

 

 

(7,667,935

)

Less: accumulated impairment

 

 

(1,084,915

)

 

 

(1,471,322

)

Property and equipment, net

 

$

7,414,691

 

 

$

7,539,392

 

 

Depreciation expense was $441,392 and $564,158 for the three months ended June 30, 2026 and 2025, respectively, and $829,973 and $1,169,040 for the six months ended June 30, 2026 and 2025, respectively.

The Company recognized a loss on disposal of property and equipment of $9,397 and $1,571 for the three months ended June 30, 2026 and 2025, respectively, and a loss and a gain on disposal of property and equipment of $9,397 and $10,804, respectively, for the six months ended June 30, 2026 and 2025.