NOTE 3: PROPERTY AND EQUIPMENT

6 Months Ended

Jun. 30, 2022

Notes

NOTE 3: PROPERTY AND EQUIPMENT

NOTE 3: PROPERTY AND EQUIPMENT

The Company’s property and equipment relating to continuing operations consisted of the following:

	June 30,	December 31,
	2022	2021
Machinery & equipment	$7,344,568	$7,732,643
Building	1,154,152	-
Land	22,719	-
Furniture and equipment and leasehold improvements	550,103	411,294
	9,071,542	8,143,937
Less: Accumulated depreciation	(3,796,394)	(3,007,941)
	$5,275,148	$5,135,996

On April 29, 2022, the Company issued 1,000,000 shares of common stock in connection with the closing of the purchase of property and equipment in Wray, Colorado, by the Company’s subsidiary CFN Real Estate II, LLC.  The total purchase price of the property was $700,000 or $0.70 per share.  The Company allocated $521,810 to the building, $22,719 to the land and $155,471 to the equipment purchased.

Depreciation expense for the six months ended June 30, 2022 and 2021 amounted to $788,452 and $1,144, respectively. Depreciation expense for the three months ended June 30, 2022 and 2021 amounted to $407,252 and $572, respectively.

In June 2022, CNP sold equipment with a value of $212,067 for settlement of accounts payable of $300,000.  Accordingly, the Company recorded a $87,933 gain on the sale.