Property, Plant and Equipment, Net

6 Months Ended

Jun. 30, 2021

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, 2021			As of December 31, 2020
Laboratory and manufacturing equipment	3-10	$	16,283,964		$	15,786,620
Buildings and improvements	10-39		18,999,500			18,999,500
Office furniture and equipment	3-10		743,752			779,720
Construction in progress	n/a		3,084,289			2,337,620
Land	n/a		516,867			516,867
Property, plant and equipment, gross			39,628,372			38,420,327
Accumulated depreciation			(12,802,524	)		(11,665,352	)
Property, plant and equipment, net		$	26,825,848		$	26,754,975

As of June 30, 2021 and December 31, 2020, 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 $2,928 and $5,317 during the three-month periods ended June 30, 2021 and 2020, respectively, and $95,049 and $21,611 during the six-month periods ended June 30, 2021 and 2020, respectively. Depreciation expense was $617,527 and $568,259 during the three-month periods ended June 30, 2021 and 2020, respectively, and $1,232,222 and $1,123,382 during the six-month periods ended June 30, 2021 and 2020, respectively.