PROPERTY AND EQUIPMENT

3 Months Ended

Mar. 31, 2021

PROPERTY AND EQUIPMENT

5. PROPERTY AND EQUIPMENT

5. PROPERTY AND EQUIPMENT

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

	March 31, 2021			December 31, 2020
Manufacturing and laboratory equipment	$	14,774,354		$	14,468,874
Office equipment and computer software		3,456,610			3,253,528
Furniture and fixtures		2,057,257			2,039,398
Construction in process		5,932,680			3,336,557
Leasehold improvements		5,272,008			5,272,490
Land		4,339,441			4,339,441
Buildings and building improvements		18,247,277			17,746,744
		54,079,627			50,457,032
Less: Accumulated depreciation		(9,904,014	)		(8,863,942	)
Total property, plant and equipment, net	$	44,175,613		$	41,593,090

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, 2021 and 2020 of $1.1 million and $0.6 million, respectively.