Quarterly report pursuant to Section 13 or 15(d)

8. PROPERTY AND EQUIPMENT

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8. PROPERTY AND EQUIPMENT
 9 Months Ended
Sep. 30, 2018
Property And Equipment  
8. PROPERTY AND EQUIPMENT

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

 

  September 30, 2018   December 31, 2017
Manufacturing and laboratory equipment  $                      7,386,573    $                      7,148,405
Office equipment and computer software                          1,598,565                            1,086,756
Furniture and fixtures                          1,136,623                            1,136,623
Construction in process                          1,460,984                               738,093
Leasehold improvements                          1,650,029                            1,642,903
Land                          4,339,441                            4,339,441
Buildings and building improvements                        15,670,559                          15,660,559
                         33,242,774                          31,752,780
Less: Accumulated depreciation                         (2,880,145)                          (1,285,922)
Total property, plant and equipment, net  $                    30,362,629    $                    30,466,858

 

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.

 

The Company recorded depreciation expense on property and equipment for the three and nine months ended September 30, 2018 of $0.6 million and $1.9 million, respectively, which includes $0.1 million and $0.3 million, respectively, of depreciation expense on the plasma assets to be transferred (see Note 3). Depreciation expense for the three and nine months ended September 30, 2017 was $0.6 million and $0.9 million, respectively.