Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

v3.20.2
PROPERTY AND EQUIPMENT
 9 Months Ended
Sep. 30, 2020
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 8 – PROPERTY AND EQUIPMENT

 

At September 30, 2020 and December 31, 2019, property and equipment consisted of the following:

 

 

    September 30,
2020		     December 31,
2019		  
Land   $ 3,988,810     $ 3,887,710  
Buildings and building improvements      27,334,283       27,063,235  
Tenant improvements      8,607,282       7,762,991  
Furniture and fixtures      555,766       299,645  
Machinery and equipment      4,490,186       4,086,691  
Construction in progress      4,977,181       2,827,940  
      49,953,508       45,928,212  
Less: accumulated depreciation    

(4,445,931

 )     (3,135,843 )
Property and equipment, net   $  45,507,577     $ 42,792,369  

 

During the nine months ended September 30, 2020 and 2019, additions to property and equipment were approximately $4.1 million and $6.7 million, respectively.

 

Additions during the nine months ended September 30, 2020 consisted primarily of (i) the commencement of construction in Mt. Vernon, IL, and (ii) machinery and equipment purchases for facilities in Massachusetts, Maryland, Illinois, and Delaware. Additions during the nine months ended September 30, 2019 consisted primarily of (i) the commencement of construction in Milford, DE, (ii) the continued buildout of properties in Maryland and Massachusetts, and (iii) improvements to the Wilmington, DE and Las Vegas, NV properties.

 

During the nine months ended September 30, 2020, the Company disposed of an asset with a cost of approximately $91,000 and accumulated depreciation through the disposal date of approximately $6,000. The loss on disposal of approximately $85,000 is reflected in Other Non-Operating Expenses in the statement of operations at September 30, 2020. There were no disposals in 2019.

 

Depreciation expense for the nine months ended September 30, 2020 and 2019 approximated $1,341,000 and $698,000, respectively.