PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

NOTE 13 – PROPERTY AND EQUIPMENT

At December 31, 2022 and 2021, property and equipment is comprised of the following:

Schedule of property and equipment
	2022			2021
Land	$	-		$	484,197
Buildings		-			1,946,586
Building improvements		-			270,472
Furniture and fixtures		113,398			113,398
Equipment		104,054			93,627
Vehicles		31,223			31,223
Subtotal		248,675			2,939,503
Less: accumulated depreciation		(53,048	)		(10,140	)
Total	$	195,627		$	2,929,363

Depreciation expense for the years ended December 31, 2022 and 2021, was $99,755 and $10,140, respectively.

On September 8, 2021, the Company acquired a building in Palm Bay, Florida with approximately 36,810 square feet of office space for $2,430,762 excluding closing costs. During 2022, the Company occupied the building and commenced operations from this facility. During December 2022, the Company sold the building for $3,850,000 less closing costs and recognized a gain in the amount of $988,155. In conjunction with the sale, the Company entered into a 5 year lease. See Note 9 Leases.

SOLLENSYS CORP. 10-K