Property, Buildings and Equipment, Net

12 Months Ended

Dec. 31, 2018

Property, Plant and Equipment [Abstract]

Property, Buildings and Equipment, Net

6. Property, Buildings and Equipment, Net

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

	Estimated Useful Lives		2018			2017
Land and land improvements			$	8,830,867		$	8,740,994
Buildings and recreational facilities		10–40		32,055,525			31,962,963
Machinery and equipment		5–15		21,592,565			21,178,583
Construction in progress				118,722			126,683
				62,597,679			62,009,223
Accumulated depreciation				(46,031,663	)		(44,477,547	)
			$	16,566,016		$	17,531,676

Substantially all property, buildings and equipment are mortgaged, pledged or otherwise subject to lien under a loan agreement (Note 8).

Depreciation expense amounted to approximately $2,110,000 and $2,004,000 for the years ended December 31, 2018 and 2017, respectively.

The Company leases equipment under agreements which are classified as capital lease obligations 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 equipment acquired through capital lease obligations was approximately $651,000 and $252,000 at December 31, 2018 and 2017, respectively. Depreciation expense totaled $105,000 and $92,500 on the leased equipment at December 31, 2018 and 2017.