PROPERTY, EQUIPMENT AND LEASEHOLDS

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

PROPERTY, EQUIPMENT AND LEASEHOLDS

6. PROPERTY, EQUIPMENT AND LEASEHOLDS

	2024		Accumulated		2024
	Cost		Depreciation		Net
Buildings and improvements	$	12,795,750	$	4,521,212	$	8,274,538
Automobiles		196,255		168,807		27,448
Office equipment		124,526		117,011		7,515
Manufacturing equipment		15,318,758		6,922,667		8,396,091
Land		440,592		—		440,592
Leasehold improvements		10,000		10,000		—
Technology		94,945		94,945		—
	$	28,980,826	$	11,834,642	$	17,146,184

	2023		Accumulated		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 2024 was: $1,797,476 (2023 - $1,526,319) and is included in cost of sales in the consolidated statements of income and comprehensive income.

In 2023, the Company sold the boat and $4,589 was recognized as a gain on sales of asset in the consolidated statements of income and comprehensive income.