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 4. Fixed Assets

 

Fixed asset, net, as of September 30, 2022 and December 31, 2021, are summarized as follows:

 

 Schedule of Property, Plant and Equipment

    September 30, 2022     December 31, 2021  
             
Land   $ 205,442     $ -  
Building     2,232,779       -  
Machinery and Equipment     4,501,756       3,778,766  
Website     16,600       16,600  
Fixed asset, gross     6,956,577       3,795,366  
Less: accumulated depreciation     (312,087 )     (32,034 )
Fixed asset, net   $ 6,644,490     $ 3,763,332  

 

Depreciation expense of fixed assets for the nine months ended September 30, 2022 and 2021 was $280,053 and $6,149, respectively.

 

During the nine months ended September 30, 2022, the Company recorded $63,612 in fixed asset costs relating to the estimated fair market value for options granted in 2021 for the acquired machinery. As of September 30, 2022, the Company has $100,000 in remaining payments for machinery purchased, which is included in accounts payable and accrued liabilities.

 

 

SHARPS TECHNOLOGY, INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022 AND 2021

(Unaudited)