Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

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PROPERTY AND EQUIPMENT
 3 Months Ended
Mar. 31, 2021
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 8 – PROPERTY AND EQUIPMENT

 

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

 

    March 31,
2021		     December 31,
2020		  
Land   $ 3,988,810     $ 3,988,810  
Buildings and building improvements     29,447,594       29,309,856  
Tenant improvements     8,825,911       8,844,974  
Furniture and fixtures     671,986       619,880  
Machinery and equipment     5,111,005       4,620,924  
Construction in progress     4,788,041       3,140,807  
      52,833,347       50,525,251  
Less: accumulated depreciation     (5,342,972 )     (4,888,722 )
Property and equipment, net   $ 47,490,375     $ 45,636,529  

 

During the three months ended March 31, 2021 and December 31, 2020, additions to property and equipment approximated $2,308,000 and $572,000, respectively.

 

The 2021 and 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.

 

The construction in progress balances of approximately $4.8 million and $3.1 million at March 31, 2021 and December 31, 2020, respectively, consisted of the commencement of construction of properties in Metropolis, IL, Milford, DE, and Annapolis, MD.

 

Depreciation expense for the three months ended March 31, 2021 and 2020 approximated $462,000 and $484,000, respectively.