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ERNEST ENERGY, INC. AND SUBSIDIARIES <br />NOTES TO CONSOLIDATED FINANCIAL STATEMENTS <br />DECEMBER 31, 2023 <br /> <br />18 <br />Note 6 - Property and Equipment <br /> <br />Property and equipment, net is summarized as follows at December 31, 2023: <br /> <br />Vehicles 112,806$ <br />Less: Accumulated depreciation and amortization 95,680 <br />17,126$ <br /> <br />Depreciation expense related to property and equipment amounted to $30,252 for the year <br />ended December 31, 2023. <br /> <br />Note 7 - Research and Development <br /> <br /> The Company capitalizes research and development costs related to internally developed <br />software. Research and development costs, net of accumulated amortization, are summarized <br />as follows: <br /> <br />Weighted average <br />amortization period <br />Software development 3 years 302,554$ <br />Less: Accumulated amortization 7,405 <br />295,149$ <br /> Amortization expense related to research and development was $7,405 for the year ended <br />December 31, 2023. <br /> <br /> Estimated amortization expense for the next four years is as follows: <br /> <br />Years Ended December 31: <br />2024 97,666$ <br />2025 100,608 <br />2026 93,202 <br />2027 3,673 <br />295,149$ <br /> <br /> <br />