Company: SCTH
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001017386-25-000115
Chunk: 3

Company: Securetech Innovations, Inc.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 8
Chunk 3
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 2024. The Company had no dilutive securities outstanding as of June 30, 2025 and 2024.
 
Equipment and Depreciation
 
Equipment is recorded at cost and are depreciated using the straight-line method over their estimated useful lives in years as follows: 

                                         Machinery equipment
5
     -
     10
    years
Computer software and equipment
2
     -
     15
    years
Furniture, fixtures, and equipment
3
     -
     5
    years
Leasehold improvements
Life of Lease

Repair and maintenance costs are expensed as incurred.  Costs associated with improvements that extend the life, increase the capacity, or improve the efficiency of our property and equipment are capitalized and depreciated over the remaining life of the related asset. Gains and losses on the disposition of equipment are reflected in operations. Depreciation is provided using the straight-line method over the estimated useful lives of the assets. 
 
Depreciation expenses totaled $505 and $491 for the six months ended June 30, 2025 and 2024, respectively. Cumulative depreciation for each asset class is as follows:

    As of June 30, 2025 
    As of December 31, 2024

    Machinery equipment 
    $135,491  
    $—   
  
    Computer, software, and equipment 
     77,786  
     4,916 
  
    Furniture, fixtures, and equipment 
     94,032  
     —   
  
    Property and Equipment 
    $307,309  
    $4,916 
  
    Less: Accumulated depreciation 
     (100,102) 
     (2,413)
  
    Property and Equipment, net 
    $207,207  
    $2,503 

Revenue Recognition
 
Effective January 1, 2018, the Company adopted ASC 606 — Revenue from Contracts with Customers.
 
Revenue is recognized when control of promised goods or services is transferred to the customer, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Consideration may be received before or after revenue is recognized; amounts received in advance are recorded as contract liabilities.
 
Revenue Recognition; ASC 606 Five-Step Model
 
Under ASC 606, the Company recognizes revenue by applying the following steps: (1) identify the contract with a customer; (2)