Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

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Property and Equipment
 6 Months Ended
Jun. 30, 2024
Property and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 4 – PROPERTY AND EQUIPMENT

 

Property and equipment consist of the following:

 

    June 30,
2024		     December 31,
2023		  
Vehicles   $ 149,916     $ 149,916  
Computer equipment     395,492       363,141  
Furniture and fixtures     334,580       332,804  
Leasehold improvements     3,451,676       2,534,014  
Development equipment     442,086       294,288  
Docking stations and drones     5,440,875       3,928,958  
Machinery and equipment     60,321       60,321  
Construction in progress    
-
       395,340  
Total property and equipment     10,274,946       8,058,782  
Less: accumulated depreciation     (4,782,921 )     (3,882,824 )
Net property and equipment   $ 5,492,025     $ 4,175,958  

 

Depreciation expense for the three months ended June 30, 2024 and 2023 was $111,234 and $160,081, respectively. Depreciation expense for the six months ended June 30, 2024 and 2023 was $234,305 and $412,625, respectively. As of June 30, 2024, there was $2,730,724 of net property and equipment located in Israel and $240,796 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 six months ended June 30, 2024.