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PROPERTY AND EQUIPMENT, NET
6 Months Ended
Jun. 30, 2023
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT, NET

NOTE 4 – PROPERTY AND EQUIPMENT, NET

 

Fixed assets consist of the following as of June 30, 2023 and December 31, 2022:

 

   June 30,   December 31, 
   2023   2022 
Containers  $1,520,886   $1,397,311 
Trucks and tractors   4,138,215    4,086,968 
Trailers   1,197,357    1,197,357 
Shop equipment   40,380    40,380 
Leasehold improvements  $19,589   $19,589 
Property and equipment, gross   6,916,427    6,741,605 
Less accumulated depreciation   (1,289,683)   (1,097,664)
Net book value  $5,626,744   $5,643,941 

 

Depreciation expenses for the three and six months ended June 30, 2023 were $97,162 and $191,956. Depreciation expenses for the three and six months ended June 30, 2022 were $67,372 and $134,420, respectively.

 

On June 10, 2022, Titan entered into an asset purchase agreement with Century Waste Management (“Century”) for consideration of approximately $1,805,420. The entire purchase price agreement was allocated as fair value to the equipment acquired; no goodwill or intangible assets were determined to be transferred as part of the sale. In order to fund the asset purchase from Century, Titan entered into several private equipment financing agreements (Note 9 – Notes Payable).