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PROPERTY AND EQUIPMENT | 6 Months Ended
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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.

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- Definition The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 + Details
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