Property, Plant and Equipment

Property, plant and equipment consisted of the following:

	December 31,			December 31,
	2019			2018
Lab and build-to-suit equipment	$	7,562,263		$	7,266,895
Office equipment		128,669			130,460
Furniture and fixtures		237,951			205,051
Computer equipment		804,046			799,515
Leasehold improvements		11,762,351			8,878,361
Construction-in-progress		91,797			155,148
Total property, plant and equipment		20,587,077			17,435,430
Accumulated depreciation and amortization		(11,333,112	)		(9,304,722	)
Property, plant and equipment, net	$	9,253,965		$	8,130,708

The Company recorded depreciation and amortization expense of

$2,567,742

and

$1,543,667

for the years ended

December

31,

2019

and

2018,

respectively. Maintenance and repairs are expensed as incurred and were

$220,658

and

$153,278,

respectively, for the years ended

December

31,

2019

and

2018.

December

2016,

the Company executed an agreement with a commercial manufacturer to build a PRINT particle fabrication line for the production of

LIQ861.

The ultimate cost was approximately

$1.6

million. The Company financed this transaction with a

third

-party vendor, CSC Leasing Company (“CSC”). CSC made payments to the manufacturer per the payment schedule in the agreement as the asset was fabricated. CSC charged the Company a monthly lease rate on the scheduled payments made to the manufacturer as interim financing costs until the asset was completed and placed in service. Upon completion of fabrication, the lease commenced in

March

2018

(“CSC Financing”).

In accordance with ASC

840,

Leases

, for build-to-suit arrangements where the Company is involved in the fabrication of an asset prior to the commencement of the ultimate financing or takes some level of construction risk, the Company is considered the accounting owner of the assets during the fabrication period. Accordingly, during the fabrication phase, the Company recorded a construction-in-progress asset within Property, Plant and Equipment and a corresponding deferred financing obligation liability for contributions by CSC toward fabrication. Upon completion of the fabrication in

March 2018,

since the Company maintained substantially all of the risk and rewards of ownership of the asset, the Company recorded the transaction as a financing, continuing to record the asset and reclassifying the deferred financing obligation to debt. In accordance with Topic

842,

Leases

, the CSC Financing was recharacterized as a finance lease in the

first

quarter of

2019

and accounted for accordingly (see Note

The following table details the activity of Construction in Progress (“CIP”) in

2019

and

2018

and the associated transfer to Leasehold Improvements and Lab Equipment when the assets were placed in service:

	Leasehold			Build-to-suit			Lab
	Improvements			Equipment			Equipment			Total
Balance as of December 31, 2017	$	1,208,107		$	1,583,054		$	39,246		$	2,830,407
Add: Purchases related to CIP		425,438			82,687			114,102			622,227
Less: Transfer due to being placed in service		(1,570,194	)		(1,665,741	)		(61,551	)		(3,297,486	)
Balance as of December 31, 2018		63,351			—			91,797			155,148
Add: Purchases related to CIP		2,820,640			—			—			2,820,640
Less: Transfer due to being placed in service		(2,883,991	)		—			—			(2,883,991	)
Balance as of December 31, 2019	$	-		$	-		$	91,797		$	91,797

The Construction in Progress balance includes

and

$3,925

of capitalized interest costs for the years ended

December

31,

2019

and

2018,

respectively.