PROPERTY, EQUIPMENT AND LEASEHOLDS

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

PROPERTY, EQUIPMENT AND LEASEHOLDS

6. PROPERTY, EQUIPMENT AND LEASEHOLDS

	March 31, 2024		Accumulated		March 31, 2024
	Cost		Depreciation		Net
Buildings and improvements	$	12,408,992	$	4,049,352	$	8,359,640
Automobiles		196,255		147,232		49,023
Office equipment		122,161		111,825		10,336
Manufacturing equipment		10,424,369		6,016,720		4,407,649
Land		440,592		—		440,592
Leasehold improvements		88,872		88,872		—
Technology		100,819		100,819		—
	$	23,782,060	$	10,514,820	$	13,267,240

	December 31, 2023		Accumulated		December 31, 2023
	Cost		Depreciation		Net
Buildings and improvements	$	12,341,605	$	3,896,887	$	8,444,718
Automobiles		196,255		140,040		56,215
Office equipment		177,623		165,048		12,575
Manufacturing equipment		10,017,466		5,799,779		4,217,687
Land		440,592		—		440,592
Leasehold improvements		88,872		88,872		—
Technology		103,292		103,292		—
	$	23,365,705	$	10,193,918	$	13,171,787

Amount of depreciation expense for three months ended March 31, 2024 was: $382,669 (2023 - $302,810) and is included in cost of sales in the unaudited interim condensed consolidated statements of income and comprehensive income.

In January 2024, the Company lost power during a winter storm and some frozen pipes caused damage at two different locations. Insurance was in place and repairs are currently being made.