Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

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PROPERTY AND EQUIPMENT
 3 Months Ended
Mar. 31, 2022
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 8 – PROPERTY AND EQUIPMENT

 

At March 31, 2022 and December 31, 2021, property and equipment consisted of the following (in thousands):

 

    March 31,
2022		     December 31,
2021		  
Land   $ 4,450     $ 4,450  
Buildings and building improvements     37,674       35,231  
Tenant improvements     16,819       9,745  
Furniture and fixtures     1,909       1,888  
Machinery and equipment     8,632       7,221  
Construction in progress     3,635       10,569  
      73,119       69,104  
Less: accumulated depreciation     (7,637 )     (6,954 )
Property and equipment, net   $ 65,482     $ 62,150  

 

During the three months ended March 31, 2022 and December 31, 2021, additions to property and equipment approximated $4,015,000 and $3,224,000, respectively.

 

The 2022 additions were primarily comprised of (i) the development of facilities in Annapolis, MD and Beverly, MA, and (ii) purchases of building improvements, machinery, and equipment at the facilities in Hagerstown, MD and New Bedford, MA. The 2021 additions consisted primarily of (i) the development of facilities in Annapolis, MD and Milford, DE, and (ii) purchases of building improvements, machinery, and equipment at the Hagerstown, MD facility and both facilities in Massachusetts.

 

The construction in progress balances of approximately $3,635,000 and $10,569,000 at March 31, 2022 and December 31, 2021, respectively, consisted of development of facilities in Annapolis, MD, Beverly, MA, and Milford, DE.

 

Depreciation expense for the three months ended March 31, 2022 and 2021 approximated $702,000 and $462,000, respectively.