Volcon ePowersports, Inc. General form of registration statement for all companies including face-amount certificate companies

General form of registration statement for all companies including face-amount certificate companies

LONG ??? LIVED ASSETS

LONG – LIVED ASSETS

9 Months Ended

Sep. 30, 2021

Property, Plant and Equipment [Abstract]

LONG – LIVED ASSETS

NOTE 3 – LONG – LIVED ASSETS

Property and equipment

Property and equipment consist of the following:

Schedule of property and equipment
	September 30, 2021			December 31, 2020
Machinery, tooling and equipment	$	454,303		$	215,995
Vehicles		134,144			73,202
Demonstration vehicles		113,985			–
Fixtures & furniture		72,346			–
Leasehold improvements		17,124			–
Computers		78,879			18,112
		870,780			307,309
Less: Accumulated depreciation		(109,738	)		(2,038	)
Total property, plant and equipment	$	761,042		$	305,271

Depreciation expense for the three and nine months ended September 30, 2021, was $57,448 and $124,726, respectively. There was no depreciation expense for the period from February 21, 2020 (inception) through September 30, 2020.

Intangible assets

During 2020, the Company acquired certain domain names for $17,438. The domain names are being amortized over an estimated useful life of 15 years. Amortization expense for the three and nine months ended September 30, 2021, was $3,741 and $9,831. Amortization expense for the three months ended September 30, 2020, and the period from February 21, 2020 (inception) through September 30, 2020, was $194.