Property and Equipment
|9 Months Ended|
Sep. 30, 2019
|Property, Plant and Equipment [Abstract]|
|Property and Equipment||
NOTE 10 – PROPERTY AND EQUIPMENT
At September 30, 2019 and December 31, 2018, property and equipment consisted of the following:
During the nine months ended September 30, 2019 and 2018, additions to property and equipment were approximately $6.7 million and $5.7 million, respectively.
The 2018 additions were primarily comprised of (i) the buildout of properties in Hagerstown, MD, New Bedford, MA, and Middleborough, MA, and (ii) improvements to the Lewes, DE facility. The 2019 additions consisted primarily of (i) the commencement of construction in Milford, DE, (ii) the continued buildout of properties in Hagerstown, MD, New Bedford, MA, and Middleborough, MA, and (ii) improvements to the Wilmington, DE and Las Vegas, NV properties.
The December 31, 2018 construction in progress balance of approximately $12.2 million was primarily comprised of (i) New Bedford, MA building, improvements and machinery of approximately $9.8 million and (ii) Middleborough, MA building, improvements and fixtures of approximately $2.4 million. The additions to construction in progress during the nine months ended September 30, 2019 of approximately $3.6 million consisted of the continuing buildout and machinery for the New Bedford, MA and Middleborough, MA properties, and the commencement of construction in Milford, DE.
Depreciation expense for the nine months ended September 30, 2019 and 2018 was approximately $698,000 and $254,000, respectively.
The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef