Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

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PROPERTY AND EQUIPMENT
6 Months Ended
Jun. 30, 2020
PROPERTY AND EQUIPMENT  
5. PROPERTY AND EQUIPMENT

5. PROPERTY AND EQUIPMENT

  

Property and equipment and related accumulated depreciation are summarized as follows:

 

    June 30, 2020     December 31, 2019  

 

 

 

 

 

 

 

 

 

Manufacturing and laboratory equipment   $ 9,898,186     $ 8,831,817  
Office equipment and computer software     2,220,856       1,690,248  
Furniture and fixtures     1,400,129       582,088  
Construction in process     6,672,211       4,285,915  
Leasehold improvements     3,011,009       1,673,084  
Land     4,339,441       4,339,441  
Buildings and building improvements     16,869,821       16,063,680  
      44,411,653       37,466,273  
Less: Accumulated depreciation     (7,038,287 )     (5,724,956 )
Total property and equipment, net   $ 37,373,366     $ 31,741,317  

  

Fixed assets are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the asset’s estimated useful life. Land is not depreciated. The buildings were assigned a useful life of 30 years. Property and equipment other than land and buildings have useful lives ranging from three to 10 years. Leasehold improvements are amortized over the lesser of the lease term or their estimated useful lives.

 

The Company recorded depreciation expense on property and equipment for the three and six months ended June 30, 2020 of $0.7 million and $1.3 million, respectively. Depreciation expense for the three and six months ended June 30, 2019 was $0.6 million and $1.2 million, respectively.