Property, Plant and Equipment

9 Months Ended

Sep. 30, 2020

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

NOTE 5. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment are comprised of the following:

	September 30, 2020			December 31, 2019
Land	$	880,416		$	880,416
Buildings		4,764,441			4,758,832
Building improvements		755,039			755,039
Machinery and equipment		11,232,415			10,343,486
Office equipment, fixtures and software		628,358			615,357
Transportation assets		350,871			350,871
		18,611,540			17,704,001
Accumulated depreciation		(10,752,340	)		(9,658,309	)
	$	7,859,200		$	8,045,692

In 2019, the Company decided to sell the Company airplane and related hangar. Accordingly, these assets were reported as assets held for sale on our balance sheet as of December 31, 2019 at their carrying value, which was lower than the expected fair value less costs to sell. In February 2020, the Company sold the airplane for a gain of approximately $142,000. The Company recorded a $30,000 impairment related to the hangar in March 2020 and expects a sale of the hangar to be completed in the next 12 months.

Depreciation expense related to property, plant and equipment for the three and nine months ended September 30, 2020 was $401,592 and $1,259,398, respectively and for the three and nine months ended September 30, 2019 was $446,888 and $1,271,737, respectively.