Annual report pursuant to Section 13 and 15(d)

Property and Equipment

v3.21.1
Property and Equipment
 12 Months Ended
Dec. 31, 2020
Property, Plant and Equipment [Abstract]  
Property and Equipment

5. PROPERTY AND EQUIPMENT

 

Property and equipment consist of the following:

 

    December 31,  
    2020     2019  
EV charging stations   $ 5,510,879     $ 3,094,537  
Software     1,020,761       464,997  
Automobiles     1,331,436       13,950  
Office and computer equipment     304,714       241,803  
Leasehold improvements     53,540       44,893  
Machinery and equipment     162,325       177,484  
      8,383,655       4,037,664  
Less: accumulated depreciation     (2,747,592 )     (2,690,355 )
Property and equipment, net   $ 5,636,063     $ 1,347,309  

 

Depreciation and amortization expense related to property and equipment was $378,442 and $187,214 for the years ended December 31, 2020 and 2019, respectively, of which, $345,018 and $127,929, respectively, was recorded within cost of sales in the accompanying consolidated statements of operations.

 

During the years ended December 31, 2020 and 2019, the Company disposed of property and equipment with a net book value of $367,925 and $5,488 which resulted in a loss on disposal of $278,698 and $65,488, respectively, which was included within general and administrative expenses in the consolidated statements of operations.

 

During the years ended December 31, 2020 and 2019, the Company transferred charging stations of $1,980,188 and $663,624 from inventory into property and equipment.