Property & Equipment

9 Months Ended

Sep. 30, 2022

Property & Equipment [Abstract]

PROPERTY & EQUIPMENT

NOTE 4 - PROPERTY & EQUIPMENT

Long lived assets, including property and equipment and certain intangible assets to be held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. Impairment losses are recognized if expected future cash flows of the related assets are less than their carrying values. Measurement of an impairment loss is based on the fair value of the asset. Long-lived assets and certain identifiable intangibles to be disposed of are reported at the lower of carrying amount or fair value less cost to sell.

Property and Equipment and intangible assets are first recorded at cost. Depreciation and/or amortization is computed using the straight-line method over the estimated useful lives of the various classes of assets as follows between three and five years.

Maintenance and repair expenses, as incurred, are charged to expense. Betterments and renewals are capitalized in plant and equipment accounts. Cost and accumulated depreciation applicable to items replaced or retired are eliminated from the related accounts with any gain or loss on the disposition included as income.

Property and equipment, stated at cost, less accumulated depreciation consisted of the following:

	September 30,  2022			December 31, 2021
Furniture/fixtures	$	39,746		$	14,904
Office equipment		43,780			14,522
Automobile		29,905			29,905
Tooling/Molds		35,205			176,990
Less: accumulated depreciation		(46,983	)		(131,260	)
Property and equipment, net	$	101,653		$	105,061

Depreciation expense

Depreciation expense for the nine months ended September 30, 2022 and 2021 was $46,606 and $41,208, respectively.

During the nine months ended September 30, 2022, the Company disposed of certain property and equipment it was no longer using, resulting in a loss on disposal of $28,264.