Property and Equipment

9 Months Ended

Sep. 30, 2023

Property and Equipment [Abstract]

Property and Equipment

Note 3: Property and Equipment

Property and equipment consists of the following:

	Useful Life	September 30, 2023			December 31, 2022
Land		$	27,651,699		$	12,414,473
Land improvements	25 years		52,978,397			51,808,296
Building and improvements	15 to 39 years		346,319,607			239,068,974
Equipment	5 to 10 years		13,236,972			7,212,246
Property and equipment, gross			440,186,675			310,503,989
Less: accumulated depreciation			(72,163,471	)		(61,677,136	)
Property and equipment, net		$	368,023,204		$	248,826,853
Project development costs		$	46,891,983		$	140,138,924

For the three months ended September 30, 2023 and 2022, the Company recorded depreciation expense of $4,559,899 and $2,650,719, respectively, and for the nine months ended September 30, 2023 and 2022, of $10,486,335 and $9,420,585, respectively. For the nine months ended September 30, 2023 and 2022, the Company incurred $33,174,328 and $52,560,589 of capitalized project development costs, respectively.

For the nine months ended September 30, 2023 and 2022, the Company transferred $127,953,961 and $27,687,727 from Project development costs to Property and Equipment, respectively.

Included in project development costs are film development costs of $200,000 and $982,000 as of September 30, 2023 and December 31, 2022, respectively.