Quarterly report pursuant to Section 13 or 15(d)

Fixed Assets

v3.22.2.2
Fixed Assets
 9 Months Ended
Sep. 30, 2022
Property, Plant and Equipment [Abstract]  
Fixed Assets

Note 8 – Fixed Assets

 

Fixed assets consist of the following at September 30, 2022 and December 31, 2021, respectively:

 

    September 30,     December 31,  
    2022     2021  
Land   $ 138,248     $ 138,248  
Buildings     473,971       473,971  
Office equipment     30,902       56,502  
Furniture and fixtures     6,494       34,409  
Equipment and machinery     423,548       383,829  
Fixed assets, gross     1,073,163       1,086,959  
Less: accumulated depreciation     (76,880 )     (83,946 )
Total   $ 996,283     $ 1,003,013  

 

On August 15, 2022, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., sold its office furniture and equipment with a net book value of $15,391 for gross proceeds of $6,350, resulting in a loss on the disposal of fixed assets of $9,041, which represented the proceeds received, less the net book value at the time of disposal.

 

Depreciation and amortization expense totaled $34,540 and $29,937 for the nine months ended September 30, 2022 and 2021, respectively.