PROPERTY AND EQUIPMENT
|12 Months Ended|
Dec. 31, 2020
|Property, Plant and Equipment [Abstract]|
|PROPERTY AND EQUIPMENT||
NOTE 9 – PROPERTY AND EQUIPMENT
At December 31, 2020 and 2019, property and equipment consisted of the following:
SCHEDULE OF PROPERTY AND EQUIPMENT
During the years ended December 31, 2020 and 2019, additions to property and equipment approximated $4.7 million and $9.7 million, respectively.
The 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.
During 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.
The 2020 and 2019 construction in progress balances of approximately $3.1 million and $2.8 million, respectively, consisted of the commencement of construction of properties in Milford, DE and Annapolis, MD.
Depreciation expense for the year ended December 31, 2020 and 2019 approximated $1.8 million and $1.0 million, 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