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PROPERTY AND EQUIPMENT NET

9 Months Ended

Sep. 30, 2024

PROPERTY AND EQUIPMENT NET

PROPERTY AND EQUIPMENT

NOTE 7 — PROPERTY AND EQUIPMENT, NET

The following table summarizes the details of the Company’s property and equipment, net:


											Adjusted
		September 30,			December 31,						December 31,
		2024			2023			Reclassification			2023
Consumer
Land		$	1,824,892		$	1,824,892		$	—		$	1,824,892
Building and improvements			5,981,222			4,126,507			(1,443,207)			2,683,300
Leasehold improvements			1,514,780			1,450,695			—			1,450,695
Furniture and fixtures			935,414			802,058			(101,226)			700,832
Machinery and equipment			1,454,304			1,224,783			(3,215)			1,221,568
Vehicles			22,859			22,859			—			22,859
Construction in progress ⁽¹⁾			500,018			—			1,547,648			1,547,648
			12,233,489			9,451,794			—			9,451,794
Less: accumulated depreciation			(3,238,534)			(2,946,727)			—			(2,946,727)

Sub-total			8,994,955			6,505,067			—			6,505,067

Commercial
Leasehold improvements			151,647			151,647			—			151,647
Furniture and fixtures			145,950			145,950			—			145,950
Machinery and equipment			1,179,366			1,142,731			(48,979)			1,093,752
Vehicles			222,232			222,232			—			222,232
Construction in progress ⁽²⁾			-			—			48,979			48,979
			1,699,195			1,662,560			—			1,662,560
Less: accumulated depreciation			(968,891)			(819,389)			—			(819,389)

Sub-total			730,304			843,171			—			843,171

Corporate
Land			1,106,664			1,106,664			—			1,106,664
Building and improvements			2,688,523			2,505,716			(3,500)			2,502,216
Machinery and equipment			28,627			28,627			—			28,627
Enterprise resource planning system ⁽³⁾			—			191,075			(191,075)			—
Construction in progress ⁽⁴⁾			—			—			3,500			3,500
			3,823,814			3,832,082			(191,075)			3,641,007
Less: accumulated depreciation			(282,130)			(225,021)			—			(225,021)

Sub-total			3,541,684			3,607,061			(191,075)			3,415,986

		$	13,266,943		$	10,955,299		$	(191,075)		$	10,764,224

(1)	The reclassification primarily related to the build-out of our Arizona retail stores, which were placed into service in the second quarter of Fiscal 2024.

(2)	The reclassification related to the build-out of production equipment, which was placed into service in the second quarter of Fiscal 2024.

(3)	Reclassified amount to intangible assets, net. See Note 8 – Intangible Assets, Net for further details.

(4)	The reclassification related to improvements to our corporate headquarters, which were placed into service in the second quarter of Fiscal 2024.