Property, plant and equipment and construction in progress

12 Months Ended

Dec. 31, 2023

Property, plant and equipment and construction in progress

Property, plant and equipment and construction in progress

7. Property, plant and equipment and construction in progress

	December 31,
	2023		2022
Land	$	6,488,400	$	6,488,400
Buildings		26,044,551		23,280,880
Plant and equipment		66,000,977		64,532,994
Distribution system		39,546,175		39,544,395
Office furniture, fixtures and equipment		3,338,760		3,109,546
Vehicles		3,433,561		2,525,576
Leasehold improvements		306,545		287,980
Lab equipment		12,456		12,456
		145,171,425		139,782,227
Less accumulated depreciation		89,288,904		87,252,682
Property, plant and equipment, net	$	55,882,521	$	52,529,545
Construction in progress	$	495,471	$	3,705,681

As of December 31, 2023, the Company had outstanding capital commitments of approximately $455,000. The Company maintains insurance for loss or damage to all fixed assets that it deems susceptible to loss. During the years ended December 31, 2023 and 2022, $7,093,158 and $297,723, respectively, of construction in progress was placed in service. Depreciation expense was $5,823,008 and $5,425,177 for the years ended December 31, 2023 and 2022, respectively.