Property, Plant and Equipment, Net

6 Months Ended

Jun. 30, 2020

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, 2020			As of December 31, 2019
Laboratory and manufacturing equipment	3-10	$	15,519,758		$	15,437,724
Building and improvements	10-39		18,999,524			17,078,829
Office furniture and equipment	3-10		719,597			719,323
Construction in progress	n/a		1,394,445			1,124,189
Land	n/a		516,867			516,867
Property, plant and equipment, gross			37,150,191			34,876,932
Accumulated depreciation			(10,716,832	)		(9,611,194	)
Property, plant and equipment, net		$	26,433,359		$	25,265,738

As of June 30, 2020 and December 31, 2019, construction in progress consisted principally of payments toward the First Defense^® production capacity expansion project and equipment needed to bring the formulation and aseptic filling for Re-Tain™ in-house. Property, plant and equipment disposals were approximately $5,317 and $4,564 during the three-month periods ended June 30, 2020 and 2019, respectively, and $21,611 and $6,394 during the six-month periods ended June 30, 2020 and 2019, respectively. Depreciation expense was $568,259 and $564,522 during the three-month periods ended June 30, 2020 and 2019, respectively, and $1,123,382 and $1,128,327 during the six-month periods ended June 30, 2020 and 2019, respectively.