FIXED ASSET Sample Clauses
A Fixed Asset clause defines what constitutes a fixed asset within the context of the agreement, typically referring to tangible, long-term property such as buildings, machinery, or equipment owned and used by a business. This clause may specify criteria for classification, methods for valuation, and procedures for tracking or transferring such assets. Its core function is to ensure clarity and consistency in identifying and managing significant physical assets, thereby reducing disputes over asset ownership or value during the term of the contract.
FIXED ASSET. CHANGES If you purchased, sold, traded in, or leased any assets (over $1,000 excl. GST), please advise details and provide a copy of the invoice. If you use Xero, only provide a copy of the invoice if it is not attached in Xero.
FIXED ASSET. REGISTER The Group has up-to-date fixed asset registers which specify in reasonable detail all material assets owned or used by it.
FIXED ASSET. All management operation undertaken and paid by Licensee.
FIXED ASSET. Fixed assets were comprised of the following as of December 31, 2014 and December 31, 2013, respectively. Depreciation is calculated using the straight-line method over a 7 year period for machinery & equipment and furniture & fixtures, period and 15 year period for leasehold improvement. 12/31/2014 12/31/2013 Machinery and equipment 793,779 231,522 Furniture and fixtures 13,278 6,077 Leasehold improvements 311,246 257,687 Total 1,118,303 495,286 Accumulated depreciation (246,235) (101,872) Property and equipment, net 872,068 393,414 NOTE 4 - INVENTORIES Inventories are comprised of the following amounts at the respective dates: 2014 2013 Raw materials $ 7,319 $ 8,390 Work in process -0- -0- Finished goods 42,581 19,962 49,900 28,352 Provision for obsolete inventories -0- -0- $ 49,900 $ 28,352 NOTE 5 - RELATED-PARTY TRANSACTIONS Included in rent expense in the accompanying Consolidated Statements of Operations for the years ended December 31, 2014 and 2013, is rent expense in the amounts of $67,131 and $71,542, respectively, to a related company owned and managed by the Company’s CEO and majority shareholder. As of December 31, 2014 and 2013, these amounts are principally included in note payable – related party in the accompanying Consolidated Balance Sheets. The Company has a note payable to the Company’s officer and majority shareholder for monies advanced to the Company to acquire fixed assets among other items. The principal balances at December 31, 2014 and 2013 were $702,365 and $719,376, respectively. Accrued interest on the unpaid principal balances to the related party at December 31, 2014 and 2013 were $-0- and 33,196, respectively. The Company leases its brewing and beverage tap room facilities in Boone, North Carolina under a non- cancelable operating lease from an entity controlled by the Company’s CEO and majority shareholder that expires February 2023. Future minimum rental payments as of December 31, 2014 in the aggregate and for each of the five succeeding years are as follows: 2015 $ 50,058 2016 51,560 2017 53,107 2018 55,761 2019 56,447 Thereafter 188,334 $455,267 On June 4, 2014, the Company signed a lease on a building for its hard cider beverage production and bottling facilities in Boone, North Carolina. It is under a non-cancelable operating lease from an unrelated individual commences on June 1, 2014 and expires on June 30, 2019. The tenant may renew the lease for two additional terms of five years each and the base rent would inc...
FIXED ASSET. A machine or equipment that the Company determines, for efficiency of operations considerations, not to incorporate into a given work unit. Examples of possible fixed assets are .the bladder press. the the ton press, and a salt bath. Should a fixed asset, at some future date, be incorporated into a work unit, it would no longer constitute a fixed for that given work unit.