Quarterly report pursuant to Section 13 or 15(d)

LONG ??? LIVED ASSETS

v3.21.2
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: 

               
    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.