Properties, Plant and Equipment

9 Months Ended

Sep. 30, 2017

Property, Plant and Equipment [Abstract]

Properties, Plant and Equipment

Properties, Plant and Equipment and Assets Held for Sale

The Company closed on the purchase of a property at a price of approximately $1.7 million during the nine months ended September 30, 2017. The property includes land and buildings next to the Company's current processing facility. The purchase of the property was funded through use of deposits made in prior years, issuance of shares of the Company's common stock, and issuance of debt.

During the three and nine-month periods ended September 30, 2017, the Company recognized depreciation expense of $0.9 million and $3.0 million, respectively. During the three and nine months ended September 30, 2016, the Company recognized depreciation expense of $1.1 million and $4.0 million, respectively.

Assets Held For Sale

The Company committed to a plan to sell certain land, buildings, and water rights. As of September 30, 2017 and December 31, 2016, the Company has assets with a net book value of $5.4 million and $5.9 million, respectively, that met the criteria to be classified as assets held for sale.

During the nine-month period ended September 30, 2017, the Company sold properties with carrying values of $0.77 million at net gains of $0.14 million. Cash proceeds, net of transaction fees, from these sales totaled $0.91 million for the nine-month period ended September 30, 2017.