Annual report pursuant to Section 13 and 15(d)

Property and Equipment

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Property and Equipment
 12 Months Ended
Dec. 31, 2017
Property, Plant and Equipment [Abstract]  
Property and Equipment

NOTE 5 – PROPERTY AND EQUIPMENT

 

At December 31, 2017 and 2016, property and equipment consisted of the following:

 

Description   2017     2016  
Land   $ 3,392,710     $ 592,210  
Buildings and building improvements     18,464,544       3,587,064  
Tenant improvements     4,223,903       1,923,890  
Furniture and fixtures     99,138       109,560  
Machinery and equipment     1,273,514       228,523  
                 
Less: accumulated depreciation     (1,498,878 )     (1,136,187 )
Property and equipment, net   $ 25,954,931     $ 5,305,060  

 

During the years ended December 31, 2017 and 2016, additions to property and equipment were approximately $21.0 million and $3.4 million, respectively. These purchases included the acquisition of properties in Hagerstown, MD and Middleborough, MA, and the buildout of facilities in Lewes, DE, Clark County, NV, and Hagerstown, MD.

 

Depreciation and amortization for the years ended December 31, 2017 and 2016 was approximately $363,000 and $266,000, respectively.