PROPERTY AND EQUIPMENT
|3 Months Ended|
Mar. 31, 2022
|Property, Plant and Equipment [Abstract]|
|PROPERTY AND EQUIPMENT||
NOTE 8 – PROPERTY AND EQUIPMENT
At March 31, 2022 and December 31, 2021, property and equipment consisted of the following (in thousands):
SCHEDULE OF PROPERTY AND EQUIPMENT
During the three months ended March 31, 2022 and December 31, 2021, additions to property and equipment approximated $4,015,000 and $3,224,000, respectively.
The 2022 additions were primarily comprised of (i) the development of facilities in Annapolis, MD and Beverly, MA, and (ii) purchases of building improvements, machinery, and equipment at the facilities in Hagerstown, MD and New Bedford, MA. The 2021 additions consisted primarily of (i) the development of facilities in Annapolis, MD and Milford, DE, and (ii) purchases of building improvements, machinery, and equipment at the Hagerstown, MD facility and both facilities in Massachusetts.
The construction in progress balances of approximately $3,635,000 and $10,569,000 at March 31, 2022 and December 31, 2021, respectively, consisted of development of facilities in Annapolis, MD, Beverly, MA, and Milford, DE.
Depreciation expense for the three months ended March 31, 2022 and 2021 approximated $702,000 and $462,000, 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