Property, Plant and Equipment

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

NOTE 4. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment are comprised of the following:

	December 31, 2019			December 31, 2018
Land	$	880,416		$	880,416
Buildings		4,758,832			4,847,778
Leasehold improvements		755,039			755,039
Machinery and equipment		10,343,486			8,816,880
Office equipment, fixtures and software		615,357			518,806
Transportation assets		350,871			811,378
		17,704,001			16,630,297
Accumulated depreciation		(9,658,309	)		(8,404,288	)
	$	8,045,692		$	8,226,009

In 2019, the Company decided to sell the Company airplane and related hangar. Accordingly, these assets are reported as assets held for sale on our balance sheet as of December 31, 2019 at their carrying value, which is lower than the expected fair value less costs to sell. In February 2020, the Company sold the airplane for a gain of approximately $146,000 that will be recorded in the first quarter of 2020. The Company expects a sale of the hanger to be completed in the next 12 months.

Depreciation expense related to property, plant and equipment for the year ended December 31, 2019 and 2018 was $1,728,403 and $1,313,564 respectively.