Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

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PROPERTY AND EQUIPMENT
 6 Months Ended
Jun. 30, 2021
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 8 – PROPERTY AND EQUIPMENT

 

At June 30, 2021 and December 31, 2020, property and equipment consisted of the following:

 

    June 30,
2021		     December 31,
2020		  
Land   $ 3,988,810     $ 3,988,810  
Buildings and building improvements     31,187,512       29,309,856  
Tenant improvements     9,044,543       8,844,974  
Furniture and fixtures     796,742       619,880  
Machinery and equipment     6,058,423       4,620,924  
Construction in progress     7,424,950       3,140,807  
      58,500,981       50,525,251  
Less: accumulated depreciation     (5,834,949 )     (4,888,722 )
Property and equipment, net   $ 52,666,031     $ 45,636,529  

 

During the six months ended June 30, 2021 and December 31, 2020, additions to property and equipment approximated $7,976,000 and $1,876,000, respectively.

 

The 2021 additions were primarily comprised of (i) the development of facilities in Milford, DE and Metropolis, IL, and (ii) purchases of building improvements, machinery, and equipment at the facilities in Middleboro, MA and New Bedford, MA. The 2020 additions consisted primarily of (i) the development of the facility in Mt. Vernon, IL, and (ii) improvements to facilities in Anna, IL and Harrisburg, IL.

 

The construction in progress balances of approximately $7.4 million and $3.1 million at June 30, 2021 and December 31, 2020, respectively, consisted of the commencement of construction of properties in Milford, DE and Annapolis, MD.

 

Depreciation expense for the six months ended June 30, 2021 and 2020 approximated $963,000 and $907,000, respectively.