5. PROPERTY AND EQUIPMENT

3 Months Ended

Mar. 31, 2020

Property, Plant and Equipment [Abstract]

5. PROPERTY AND EQUIPMENT

Property and equipment and related accumulated depreciation are summarized as follows:

	March 31, 2020			December 31, 2019
Manufacturing and laboratory equipment	$	9,524,749		$	8,831,817
Office equipment and computer software		2,220,856			1,690,248
Furniture and fixtures		1,133,132			582,088
Construction in process		6,022,188			4,285,915
Leasehold improvements		1,673,084			1,673,084
Land		4,339,441			4,339,441
Buildings and building improvements		16,480,277			16,063,680
		41,393,727			37,466,273
Less: Accumulated depreciation		(6,332,932	)		(5,724,956	)
Total property and equipment, net	$	35,060,795		$	31,741,317

Fixed assets are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the asset’s estimated useful life. Land is not depreciated. The buildings were assigned a useful life of 30 years. Property and equipment other than land and buildings have useful lives ranging from three to 10 years. Leasehold improvements are amortized over the lesser of the lease term or their estimated useful lives.

The Company recorded depreciation expense on property and equipment for the three months ended March 31, 2020 and 2019 of $0.6 million.