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Property, Plant and Equipment, net
 6 Months Ended
Jun. 30, 2017
Property, Plant and Equipment, net [Abstract]  
Property, Plant and Equipment, net

4.  Property, Plant and Equipment, net



Property, plant and equipment, net consist of the following:







 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 



 

Asset Lives

 

June 30,

 

December 31,



 

(in years)

 

2017

 

2016

Machinery and equipment

 

3

to

15

 

$

 17,322,498 

 

$

 16,647,302 

Building and improvements

 

5

to

25

 

 

 3,986,715 

 

 

 3,986,715 

Vehicles

 

3

to

5

 

 

 90,713 

 

 

 90,713 

Furniture, fixtures, computers and software

 

3

to

5

 

 

 1,538,316 

 

 

 1,504,776 

Construction in progress

 

 

 

 

 

 

 122,822 

 

 

 402,099 

Total property, plant and equipment

 

 

 

 

 

 

 23,061,064 

 

 

 22,631,605 

Less: accumulated depreciation

 

 

 

 

 

 

 (16,664,482)

 

 

 (16,190,694)

Property, plant and equipment, net

 

 

 

 

 

$

 6,396,582 

 

$

 6,440,911 



For the three months ended June 30, 2017 and 2016, the Company recorded depreciation expense of $406,761 and $361,001, respectively.  For the six months ended June 30, 2017 and 2016, the Company recorded depreciation expense of $801,881 and $744,561, respectively

 

In January 2016, the Company entered into a Purchase and Sale Agreement (Agreement) with a Buyer (collectively the “Parties”) to sell two unoccupied buildings, with approximately 52,000 square feet, and land, at its Fitchburg, Massachusetts campus. 



In December 2016, the Parties entered into a First Amendment to the Purchase and Sale Agreement (the First Amendment) which extended the time to close to January 13, 2018.   As part of the consideration for extending the Agreement the Buyer agreed to pay certain extension fees.

 

In January 2017, the Parties entered into a Second Amendment to the Purchase and Sale Agreement (the Second Amendment) to further extend the time to close to July 2018.   The Second Amendment permits the Buyer to assign the Agreement to a third party and extends the extension fees through July 2018 or the culmination of the agreement.



At June 30, 2017 and December 31, 2016, the real estate under agreement was classified as Assets Held for Sale valued at $688,750.  The carrying value approximated the fair value less the cost to sell.