PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

NOTE 5 – PROPERTY AND EQUIPMENT

Property and equipment consisted of the following:

	December 31, 2022			December 31, 2021
Office furniture and fixtures	$	128,252		$	16,969
Computer equipment		72,345			67,458
Rental equipment		37,531			53,296
Appliques		2,160,096			2,160,096
Leasehold improvements		47,792			-
Website development (1)		665,030			247,541
		3,111,046			2,545,360
Less accumulated depreciation		(1,865,244	)		(1,502,501	)
Total	$	1,245,802		$	1,042,859

(1) The increase in website development is directly related to the Company’s investment in its enterprise resource planning “ERP” system. For the year ended December 31, 2022, 19.2% or approximately $86,000 of the cost was expensed in the period incurred to SG&A and 80.8% or approximately $362,000 was capitalized and depreciated over its useful life. On January 1, 2023, the Company completed its implementation process.

Depreciation expenses were $465,059 and $292,102 for the year ended December 31, 2022 and 2021, respectively.

Total property and equipment were reduced by approximately $133,000 for assets still in service. These assets had a net book value of $0 as of December 31, 2022.

NEXTPLAT CORP AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)