Annual report pursuant to Section 13 and 15(d)

PROPERTY AND EQUIPMENT

v3.22.0.1
PROPERTY AND EQUIPMENT
 12 Months Ended
Dec. 31, 2021
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 8 – PROPERTY AND EQUIPMENT

 

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

 

    2021     2020  
Land   $ 4,449,810     $ 3,988,810  
Buildings and building improvements     35,231,277       29,309,856  
Tenant improvements     9,744,860       8,844,974  
Furniture and fixtures     1,887,796       619,880  
Machinery and equipment     7,220,962       4,620,924  
Construction in progress     10,569,182       3,140,807  
      69,103,887       50,525,251  
Less: accumulated depreciation     (6,953,741 )     (4,888,722 )
Property and equipment, net   $ 62,150,146     $ 45,636,529  

 

During the year ended December 31, 2021 and 2020, additions to property and equipment approximated $18,579,000 and $4,688,000, respectively.

 

The 2021 additions were primarily comprised of (i) the development of facilities in Metropolis, IL and Milford, DE, and (ii) purchases of building improvements, machinery, and equipment at the facilities in Hagerstown, MD and New Bedford, MA. The 2020 additions 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.

 

The construction in progress balances of approximately $10,569,000 million and $3,141,000 at December 31, 2021 and 2020, respectively, consisted of the commencement of construction of properties in Milford, DE and Annapolis, MD.

 

Depreciation expense for the year ended December 31, 2021 and 2020 approximated $2,098,000 and $1,792,000, respectively.