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Property And Equipment | 9 Months Ended
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Sep. 30, 2014
Notes to Financial Statements |
Note 6 - Property And Equipment | Property and equipment consist of the following:
|  | September 30, |  |  | December 31, |
|  | 2014 |  |  | 2013 |  |  | 2013 |
Land |  | $ | 1,856,370 |  |  | $ | 1,856,370 |  |  | $ | 1,856,370 |
Buildings and improvements |  |  | 15,496,906 |  |  |  | 14,921,016 |  |  |  | 14,587,022 |
Machinery and equipment |  |  | 20,999,223 |  |  |  | 19,921,064 |  |  |  | 19,633,164 |
Vehicles |  |  | 1,244,560 |  |  |  | 1,350,608 |  |  |  | 1,244,560 |
Office equipment |  |  | 433,679 |  |  |  | 433,346 |  |  |  | 433,679 |
Construction in process |  |  | 973,852 |  |  |  | 33,542 |  |  |  | 177,519 |
|  |  | 41,004,590 |  |  |  | 38,515,946 |  |  |  | 37,932,314 |
Less accumulated depreciation |  |  | 19,130,070 |  |  |  | 16,878,454 |  |  |  | 17,107,866 |
Total property and equipment |  | $ | 21,874,520 |  |  | $ | 21,637,492 |  |  | $ | 20,824,448 |
Lifeway completed the purchase of Golden Guernsey’s assets on July 2, 2013. The cost was approximately $7.4 million. Depreciation expense during the three and nine months ended September 30, 2014 and 2013 was $1,010,966 and $2,022,204, $410,797 and $1,226,629 respectively. Included in the depreciation expense for the three months ended September 30, 2014 is an adjustment of approximately $470,000 related to the useful life of the Company’s Starfruit leasehold improvements.

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2921-110230 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13-14) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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