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PROPERTY AND EQUIPMENT | 3 Months Ended
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Mar. 31, 2023
PROPERTY AND EQUIPMENT [Abstract] |
PROPERTY AND EQUIPMENT |
5. | PROPERTY AND EQUIPMENT
Property and equipment and related accumulated depreciation are summarized as follows:
|  | March 31, 2023 |  |  | December 31, 2022 |
Manufacturing and laboratory equipment |  | $ | 19,828,570 |  |  | $ | 18,767,807 |
Office equipment and computer software |  |  | 5,939,060 |  |  |  | 5,318,669 |
Furniture and fixtures |  |  | 5,662,407 |  |  |  | 5,109,898 |
Construction in process |  |  | 2,515,267 |  |  |  | 6,726,995 |
Leasehold improvements |  |  | 20,514,697 |  |  |  | 17,930,905 |
Land |  |  | 4,339,441 |  |  |  | 4,339,441 |
Buildings and building improvements |  |  | 19,856,505 |  |  |  | 19,544,307 |
|  |  | 78,655,947 |  |  |  | 77,738,022 |
Less: Accumulated depreciation |  |  | (21,285,164 | ) |  |  | (19,476,541 | )
Total property, plant and equipment, net |  | $ | 57,370,783 |  |  | $ | 58,261,481 |
Property and equipment 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 months ended March 31, 2023 and 2022 of $1.9 million and $1.4 million, respectively.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=126982197&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI https://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI https://asc.fasb.org/extlink&oid=126982197&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126982197&loc=d3e99779-112916 + Details
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