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Property, Plant and Equipment, Net
 6 Months Ended
Jun. 30, 2022
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment, Net

7. Property, plant and equipment, net

Property, plant and equipment consist of the following:

 

 

 

Useful life

 

As of

 

 

 

(years)

 

June 30,
2022

 

 

December 31,
2021

 

Land

 

N/A

 

$

461,741

 

 

$

469,317

 

Building

 

25

 

 

5,339,300

 

 

 

5,509,403

 

Computer equipment

 

3-5

 

 

395,020

 

 

 

262,320

 

Computer software

 

1

 

 

285,914

 

 

 

277,717

 

Manufacturing equipment

 

2-5

 

 

22,760,585

 

 

 

17,762,405

 

Office furniture

 

5-7

 

 

518,285

 

 

 

525,961

 

Enterprise Resource Planning software

 

5

 

 

207,740

 

 

 

211,149

 

Leasehold Improvements

 

5

 

 

1,391,432

 

 

 

236,251

 

Assets under construction

 

N/A

 

 

10,957,417

 

 

 

8,872,695

 

 

 

 

 

 

42,317,434

 

 

 

34,127,218

 

Accumulated depreciation and impairment

 

 

 

 

(8,610,287

)

 

 

(7,109,104

)

 

 

 

 

$

33,707,147

 

 

$

27,018,114

 

 

Depreciation expense was $860,686 and $362,054 for the three months ended June 30, 2022, and June 30, 2021, respectively, and $1,615,643 and $723,827 for the six months ended June 30, 2022 and 2021, respectively.

 

Property, plant and equipment is pledged as security under a General Security Agreement (a “GSA”) signed in favor of the Royal Bank of Canada (“RBC”) on July 14, 2014, which is related to our corporate bank account and credit card and includes all property, plant and equipment and intangible assets.