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:
SCHEDULE OF PROPERTY AND EQUIPMENT
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.
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