PROPERTY AND EQUIPMENT

9 Months Ended

Sep. 30, 2024

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

NOTE 7 – PROPERTY AND EQUIPMENT

The Company records property and equipment at cost. For tools, machinery & equipment, depreciation is calculated using the straight-line method over the estimated useful lives of the assets.

Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by comparison of the carrying amount to the future net undiscounted cash flows expected to be generated by the related assets. If these assets are determined to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount exceeds the fair market value of the assets.

There was no impairment loss recognized during the periods ending September 30, 2024 and 2023, respectively.

Costs related to maintenance and repairs which do not prolong the asset’s useful life are expensed as incurred.

At September 30, 2024 and December 31, 2023, property and equipment were comprised of the following:

	September 30, 2024			December 31, 2023
Tools, Machinery & Equipment	$	7,928		$	7,928
Less: Accumulated Depreciation		(3,700	)		(2,511	)
Total Property and Equipment, Net	$	4,228		$	5,417

Depreciation expense amounted to $396 for both the three-month periods ended September 30, 2024, and 2023, respectively. It was $1,189 for both the nine-month periods ended September 30, 2024 and 2023, respectively.

The estimated useful lives are as follows:

Tools, Machinery & Equipment 5 Years