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Property And Equipment

9 Months Ended

Sep. 30, 2014

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.

- 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.

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