Quarterly report pursuant to Section 13 or 15(d)

8. PROPERTY, PLANT AND EQUIPMENT

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8. PROPERTY, PLANT AND EQUIPMENT
 9 Months Ended
Sep. 30, 2017
Property, Plant and Equipment [Abstract]  
8. PROPERTY, PLANT AND EQUIPMENT

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

  

    September 30, 2017   December 31, 2016
Manufacturing and laboratory equipment   $ 7,901,218     $ 306,411  
Office equipment and computer software     726,354       188,277  
Furniture and fixtures     473,638       1,030,257  
Leasehold improvements     1,473,693       2,699,104  
Land     4,339,441       —    
Buildings     15,660,559       —    
      30,574,903       4,224,049  
Less: Accumulated depreciation and amortization     (819,362 )     (2,223,265 )
    $ 29,755,541     $ 2,000,784  

 

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 3 to 10 years. Leasehold improvements are amortized over the lesser of the lease term or their estimated useful lives.