PROPERTY AND EQUIPMENT
|3 Months Ended|
Mar. 31, 2021
|Property, Plant and Equipment [Abstract]|
|PROPERTY AND EQUIPMENT||
NOTE 8 – PROPERTY AND EQUIPMENT
At March 31, 2021 and December 31, 2020, property and equipment consisted of the following:
SCHEDULE OF PROPERTY AND EQUIPMENT
During the three months ended March 31, 2021 and December 31, 2020, additions to property and equipment approximated $2,308,000 and $572,000, respectively.
The 2021 and 2020 additions were primarily comprised of (i) construction in Mt. Vernon, IL, and (ii) machinery and equipment purchases for facilities in Massachusetts, Maryland, Illinois, and Delaware. The 2019 additions consisted primarily of (i) the commencement of construction in Milford, DE and Annapolis, MD, (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 construction in progress balances of approximately $4.8 million and $3.1 million at March 31, 2021 and December 31, 2020, respectively, consisted of the commencement of construction of properties in Metropolis, IL, Milford, DE, and Annapolis, MD.
Depreciation expense for the three months ended March 31, 2021 and 2020 approximated $462,000 and $484,000, respectively.
The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef