Note 3 - Property, Plant and Equipment

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

Note 3 – Property, Plant and Equipment:

	June 30,			December 31,
	2020			2019
Refrigeration Equipment	$	106,012,579		$	97,568,137
Machinery and Equipment		69,543,548			54,274,118
Building, Land, and Improvements		27,255,091			25,621,495
Furniture and Office Equipment		4,946,145			4,931,703
Leasehold Improvements		748,060			395,241
Automotive Equipment		164,430			309,137
Construction in Progress		96,170,302			58,587,375
		304,840,155			241,687,206
Less: Accumulated Depreciation		(84,765,645	)		(76,399,609	)
	$	220,074,510		$	165,287,597

Depreciation expense related to property, plant and equipment totaled $5,365,720 and $9,738,511 for the three and six months ended June 30, 2020, respectively, of which $2,550,041 and $4,293,698 was recorded to cost of goods sold for the three and six months ended June 30, 2020, respectively, with the remainder of depreciation and amortization expense recorded to selling, general and administrative expense. The increase in depreciation expense was mainly related to Kitchens South.

Depreciation expense related to property, plant and equipment totaled $3,843,199 and $7,486,692 for the six months ended June 30, 2019, respectively, of which $1,588,692 and $3,154,780 was recorded to cost of goods sold for the six months ended June 30, 2019, respectively, with the remainder of depreciation and amortization expense recorded to selling, general and administrative expense.