Property, plant and equipment

6 Months Ended

Jun. 30, 2020

Property, Plant and Equipment [Abstract]

Major classifications of property, plant and equipment are summarized as follows:


	June 30,		December 31,
	2020		2019
Land	$	705,363	$	718,586
Building and improvements	13,567,702		13,297,489
Construction in process	2,542,044		2,105,873
Equipment	11,684,991		12,275,619
Office furniture and equipment	200,140		201,813
Vehicles	26,810		28,097
Total property and equipment	$	28,727,050	$	28,627,477
Less accumulated depreciation and amortization	(4,164,641)		(3,561,641)
Property, plant and equipment, net	$	24,562,409	$	25,065,836

Included in construction in process is $1.8 million for construction related to the Rollo Bay farm site. An additional $307 thousand has been committed.

In December 2019, the Company reclassified certain feed mill equipment at the Indiana farm as held for sale, a component of prepaid expenses and other current assets, and adjusted the the carrying value to fair value less estimated selling costs. During the first quarter of 2020, the equipment was sold, resulting in proceeds of $98 thousand. No gain or loss was recognized upon the sales of the equipment.

In March 2020, the Company settled an outstanding legal claim against a third party resulting in net proceeds of $1.0 million. The proceeds received reduced the carrying value of the acquired equipment. Depreciation on these items is being recalculated prospectively over their remaining useful lives.