Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

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PROPERTY AND EQUIPMENT
 9 Months Ended
Sep. 30, 2021
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 8 – PROPERTY AND EQUIPMENT

 

At September 30, 2021 and December 31, 2020, property and equipment consisted of the following:

 

   

September 30,

2021

    

December 31,

2020

  
Land   $ 4,449,810     $ 3,988,810  
Buildings and building improvements     34,343,369       29,309,856  
Tenant improvements     9,295,691       8,844,974  
Furniture and fixtures     1,868,571       619,880  
Machinery and equipment     6,983,256       4,620,924  
Construction in progress     8,938,997       3,140,807  
      65,879,694       50,525,251  
Less: accumulated depreciation     (6,363,525 )     (4,888,722 )
Property and equipment, net   $ 59,516,169     $ 45,636,529  

 

During the nine months ended September 30, 2021 and December 31, 2020, additions to property and equipment approximated $15,354,000 and $1,876,000, respectively.

 

The 2021 additions were primarily comprised of (i) the development of the facility in Metropolis, IL, and (ii) purchases of building improvements, machinery, and equipment at the facilities in Hagerstown, MD and New Bedford, MA. The 2020 additions 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.

 

The construction in progress balances of approximately $8.9 million and $3.1 million at September 30, 2021 and December 31, 2020, respectively, consisted of the commencement of construction of properties in Milford, DE and Annapolis, MD.

 

Depreciation expense for the nine months ended September 30, 2021 and 2020 approximated $1,499,000 and $1,341,000, respectively.