Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

v3.21.2
PROPERTY AND EQUIPMENT
6 Months Ended
Jun. 30, 2021
PROPERTY AND EQUIPMENT [Abstract]  
PROPERTY AND EQUIPMENT
5.
PROPERTY AND EQUIPMENT


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

   
June 30, 2021
   
December 31, 2020
 
Manufacturing and laboratory equipment
 
$
15,082,205
   
$
14,468,874
 
Office equipment and computer software
   
3,649,504
     
3,253,528
 
Furniture and fixtures
   
2,516,729
     
2,039,398
 
Construction in process
   
5,966,844
     
3,336,557
 
Leasehold improvements
   
7,192,820
     
5,272,490
 
Land
   
4,339,441
     
4,339,441
 
Buildings and building improvements
   
18,694,960
     
17,746,744
 
     
57,442,503
     
50,457,032
 
Less: Accumulated depreciation
   
(10,955,523
)
   
(8,863,942
)
Total property and equipment, net
 
$
46,486,980
   
$
41,593,090
 


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, 2021 of $1.1 million and $2.2 million, respectively. Depreciation expense for the three and six months ended June 30, 2020 was $0.7 million and $1.3 million, respectively.