Property, Buildings and Equipment, Net

12 Months Ended

Dec. 31, 2013

Property Plant And Equipment [Abstract]

5.	Property, Buildings and Equipment, Net

Property, buildings and equipment as of December 31, consist of the following:


	Estimated Useful Lives	2013			2012

Land and land improvements		$	7,623,070		$	6,802,067
Buildings and recreational facilities	10–40		30,551,220			30,321,030
Machinery and equipment	5–15		17,368,327			18,343,095
Construction in progress			693,881			1,163,830

			56,236,498			56,630,022
Accumulated depreciation			(36,886,645	)		(36,098,671	)

		$	19,349,853		$	20,531,351

Substantially all property, buildings and equipment are mortgaged, pledged or otherwise subject to lien under a loan agreement (Note 7).

Depreciation expense amounted to approximately $1,870,670 and $1,850,328 for the years ended December 31, 2013 and 2012, respectively.

During 2013 and 2012, the Company leased equipment under an agreement which is classified as a capital lease obligation in the accompanying balance sheets. The equipment and obligations related to the leases are recorded at the present value of the minimum lease payments. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets. Total cost of the equipment and vehicles acquired through capital lease obligations was approximately $ 336,000 and accumulated amortization was $60,198 at December 31, 2013.

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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