Property, Plant and Equipment, Net

6 Months Ended

Jun. 30, 2019

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT, net

7. PROPERTY, PLANT AND EQUIPMENT, net

Property, plant and equipment consisted of the following:

	Estimated Useful Lives (in years)	As of June 30, 2019			As of December 31, 2018
Buildings and improvements	10-39	$	17,060,316		$	17,018,316
Laboratory and manufacturing equipment	3-10		15,205,256			15,092,252
Office furniture and equipment	3-10		729,941			731,510
Construction in progress	n/a		161,888			91,067
Land	n/a		516,867			516,867
Property, plant and equipment, gross			33,674,268			33,450,012
Accumulated depreciation			(8,544,396	)		(7,422,463	)
Property, plant and equipment, net		$	25,129,872		$	26,027,549

As of June 30, 2019 and December 31, 2018, construction in progress consisted principally of down payments towards manufacturing equipment. During the three-month periods ended June 30, 2019 and 2018, $4,564 and $3,300 of property, plant and equipment was disposed of, respectively. During the six-month periods ended June 30, 2019 and 2018, $6,394 and $6,730 of property, plant and equipment was disposed of, respectively. Depreciation expense was $564,522 and $280,692 during the three-month periods ended June 30, 2019 and 2018, respectively, and $1,128,327 and $560,588 during the six-month periods ended June 30, 2019 and 2018, respectively.