Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

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Property and Equipment
 3 Months Ended
Mar. 31, 2024
Property and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 4 – PROPERTY AND EQUIPMENT

 

Property and equipment consist of the following:

 

    March 31,
2024		     December 31,
2023		  
Vehicles   $ 149,916     $ 149,916  
Computer equipment     371,610       363,141  
Furniture and fixtures     332,804       332,804  
Leasehold improvements     2,458,614       2,534,014  
Development equipment     324,500       294,288  
Docking stations and drones     4,720,911       3,928,958  
Machinery and equipment     60,321       60,321  
Construction in progress     710,431       395,340  
Total property and equipment     9,129,107       8,058,782  
Less: accumulated depreciation     (4,289,458 )     (3,882,824 )
Net property and equipment   $ 4,839,649     $ 4,175,958  

 

Depreciation expenses for the three months ended March 31, 2024, and 2023 was $123,071 and $252,544, respectively. For the three months ended March 31, 2024, the Company recognized a loss on disposal of Computer equipment of $3,278. As of March 31, 2024, there was $2,399,176 of net property and equipment located in Israel and $270,827 of net property and equipment located in United Arab Emirates.

 

In connection with the American Robotics sublease effective January 15, 2024, see Note – 2 Summary of Significant Account Policies, Leases, the Company recorded an impairment charge of $1,127,769, related to the Leasehold improvements and Furniture and fixtures associated with the Asset Group, was recognized in Operating expenses in the Consolidated Statements of Operations for the year ending December 31, 2023, included in our 2023 Form 10-K. There was no indication of impairment for the three months ended March 31, 2024.