PROPERTY AND EQUIPMENT, NET

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

NOTE 7 — PROPERTY AND EQUIPMENT, NET

As of September 30, 2024 and December 31, 2023, property and equipment, net consist of the following:

	September 30, 2024			December 31, 2023
Land	$	1,926,391		$	1,799,443
Buildings and facilities attached to buildings		8,648,252			8,412,348
Machinery, equipment and automobiles		5,563,016			5,539,542
Aircraft		4,040,038			4,091,772
Software		4,419,556			3,778,911
Construction in progress		1,125,947			591,306
Subtotal		25,723,200			24,213,322
Less: accumulated depreciation		(9,743,272	)		(8,231,990	)
Less: accumulated impairment		(2,785,514	)		(2,399,315	)
Property and equipment, net	$	13,194,414		$	13,582,017

Depreciation expense was $745,802 and $1,895,399 for the three months ended September 30, 2024 and 2023, respectively, and $2,061,341 and $5,368,421 for the nine months ended September 30, 2024 and 2023, respectively.

The Company recognized an impairment loss of nil and $9,690 for the three months ended September 30, 2024 and 2023, respectively, and nil and $204,026 for the nine months ended September 30, 2024 and 2023, respectively.

The Company recognized a gain on disposal of property and equipment of $902 and $249,532 for the nine months ended September 30, 2024 and 2023, respectively.