Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.19.3
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:

 

    September 30, 2019     December 31, 2018  
Land   $ 3,392,710     $ 3,392,710  
Buildings and building improvements     15,265,983       13,566,144  
Tenant improvements     5,798,164       5,348,882  
Furniture and fixtures     177,505       114,160  
Machinery and equipment     2,544,346       1,632,351  
Construction in progress     15,822,615       12,205,447  
      43,001,323       36,259,694  
Less: accumulated depreciation     (2,842,853 )     (2,159,830 )
Property and equipment, net   $ 40,158,470     $ 34,099,864  

 

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.