Property and Equipment

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment

Note 3: Property and Equipment

Property and equipment consists of the following:

	Useful Life	December 31, 2021			December 31, 2020
Land		$	4,186,090		$	535,954
Land improvements	25 years		31,194,623			31,078,211
Building and improvements	15 to 39 years		192,384,530			158,020,145
Equipment	5 to 10 years		2,338,894			2,165,882
Property and equipment, gross			230,104,137			191,800,192
Less: accumulated depreciation			(49,643,575	)		(37,444,429	)
Property and equipment, net		$	180,460,562		$	154,355,763
Project development costs		$	128,721,480		$	107,969,139

For the years ended December 31, 2021 and 2020, the Company recorded depreciation expense of $12,199,148 and $11,085,230, respectively. For the years ended December 31, 2021 and 2020, the Company incurred $58,581,466 and $19,381,440 of capitalized project development costs, respectively. During October 2021, the Company placed its Center for Excellence into service and transferred $32,938,554 from project development costs into property and equipment.

In August 2021, management determined that previously capitalized costs for the construction of the Center for Performance should be written off because of significant changes to the plans for the project that render certain of the current capitalized costs no longer of use for the Center for Performance. Management reviewed its capitalized costs and identified the costs that had no future benefit. As a result, in the third quarter of 2021, the Company recorded a $1,748,448 charge as an impairment of project development costs within the accompanying statement of operations.

Included in project development costs are film development costs of $464,000 and $0 as of December 31, 2021 and 2020, respectively.