Property and Equipment, Net

3 Months Ended

Mar. 31, 2021

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

10. PROPERTY AND EQUIPMENT, NET

Property and equipment are stated at cost when acquired. Depreciation is calculated using the straight-line method over the estimated useful lives of the related assets as follows:

Asset Type	Useful Life
Shop machinery and equipment	3 – 5 years
Computers and electronics	2 years
Office furniture and fixtures	3 – 5 years
Leasehold improvements	Shorter of remaining lease term or 5 years

Expenditures for maintenance and repairs are charged to expense as incurred, whereas expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized.

Property and equipment, net consisted of the following as of March 31, 2021 and December 31, 2020:

(Amounts in US$’s)	March 31, 2021			December 31, 2020
Shop machinery and equipment	$	10,625,067		$	9,960,626
Computers and electronics		699,959			575,452
Office furniture and fixtures		1,109,569			348,142
Building		4,800,903			—
Land		1,330,000			—
Leasehold improvements		718,091			274,314
		19,283,589			11,158,534
Less - accumulated depreciation		(10,210,823	)		(8,872,068	)
	$	9,072,766		$	2,286,466

For the three months ended March 31, 2021, the Company invested $6,798,994 in capital expenditures. There were no capital expenditures for the three months ended March 31, 2020.

The Company recognized $362,120 and $223,982 of depreciation expense for the three months ended March 31, 2021 and 2020, respectively.