Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

v3.20.2
PROPERTY AND EQUIPMENT
 6 Months Ended
Jun. 30, 2020
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 8 – PROPERTY AND EQUIPMENT

 

At June 30, 2020 and December 31, 2019, property and equipment consisted of the following:

 

 

    June 30,
2020 		    December 31,
2019		  
Land   $ 3,988,810     $ 3,887,710  
Buildings and building improvements     27,246,070       27,063,235  
Tenant improvements     8,293,370       7,762,991  
Furniture and fixtures     401,710       299,645  
Machinery and equipment     4,329,284       4,086,691  
Construction in progress     4,389,623       2,827,940  
 Property plant and equipment, gross     48,648,867       45,928,212  
Less: accumulated depreciation     (4,026,786 )     (3,135,843 )
Property and equipment, net   $ 44,622,081     $ 42,792,369  

 

During the six months ended June 30, 2020 and 2019, additions to property and equipment were approximately $2.7 million and $3.9 million, respectively.

 

Additions during the six months ended June 30, 2020 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. Additions during the six months ended June 30, 2019 consisted primarily of (i) the commencement of construction in Milford, DE, (ii) the continued buildout of properties in Maryland and Massachusetts, and (iii) improvements to the Wilmington, DE and Las Vegas, NV properties.

 

Depreciation expense for the six months ended June 30, 2020 and 2019 approximated $907,000 and $471,000, respectively.