Property and equipment, net, were as follows:

SCHEDULE OF PROPERTY AND EQUIPMENT 

   As of   As of 
   December 31,   December 31, 
   2025   2024 
Leasehold Improvements  $191,059   $399,319 
Furniture and equipment   14,500,083    10,057,967 
Land and buildings   157,646,079    93,377,840 
Aircraft   23,538,763    - 
Construction in progress   122,737,630    40,518,315 
Property and equipment, gross  $318,613,614   $144,353,441 
Accumulated depreciation and amortization   (12,666,337)   (7,137,505)
Property and equipment, net   $305,947,277   $137,215,936 

Historical Timeline

Fiscal YearFiled
2025Mar 31, 2026Showing above
2024Mar 31, 2025

About PP&E Disclosures

The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.

Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.