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PROPERTY AND EQUIPMENT, NET

3 Months Ended

Mar. 31, 2024

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT

NOTE 6 — PROPERTY AND EQUIPMENT, NET

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

														Adjusted
		March 31,				December 31,								December 31,
		2024				2023				Reclassification				2023
Consumer
Land		$	1,824,892			$	1,824,892			$	-			$	1,824,892
Building and improvements			3,039,823				4,126,507				(1,443,207	)			2,683,300
Leasehold improvements			1,444,814				1,450,695				-				1,450,695
Furniture and fixtures			793,646				802,058				(101,226	)			700,832
Machinery and equipment			1,150,137				1,224,783				(3,215	)			1,221,568
Vehicles			22,859				22,859				-				22,859
Construction in progress ⁽¹⁾			1,392,786				-				1,547,648				1,547,648
			9,668,957				9,451,794				-				9,451,794

Less: accumulated depreciation			(3,019,183	)			(2,946,727	)			-				(2,946,727	)

Sub-total			6,649,774				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			1,095,917				1,142,731				(48,979	)			1,093,752
Vehicles			222,232				222,232				-				222,232
Construction in progress ⁽²⁾			96,257				-				48,979				48,979
			1,712,003				1,662,560				-				1,662,560

Less: accumulated depreciation			(893,459	)			(819,389	)			-				(819,389	)

Sub-total			818,544				843,171				-				843,171

Corporate
Land			1,106,664				1,106,664				-				1,106,664
Building and improvements			2,490,879				2,505,716				(3,500	)			2,502,216
Machinery and equipment			45,234				28,627				-				28,627
Enterprise resource planning system ⁽³⁾			-				191,075				(191,075	)			-
Construction in progress ⁽⁴⁾			179,849				-				3,500				3,500
			3,822,626				3,832,082				(191,075	)			3,641,007

Less: accumulated depreciation			(242,723	)			(225,021	)			-				(225,021	)

Sub-total			3,579,903				3,607,061				(191,075	)			3,415,986

		$	11,048,221			$	10,955,299			$	(191,075	)		$	10,764,224

(1) Construction in progress relates to the build-out of production equipment.

(2) Construction in progress relates to the build-out of our Arizona retail stores.

(3) Reclassified amount to intangibles, net. See Note 7 – Intangible, Net for further details.

(4) Construction in progress pertains to improvements to our corporate headquarters.