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Property And Equipment
 12 Months Ended
Dec. 31, 2014
Notes to Financial Statements  
Note 6 - Property And Equipment

Property and equipment consist of the following: 

    December 31,  
    2014     2013  
Land   $ 1,856,370     $ 1,856,370  
Buildings and improvements     15,125,803       14,587,022  
Machinery and equipment     20,434,910       19,633,164  
Vehicles     1,244,560       1,244,560  
Office equipment     465,801       433,679  
Construction in process     2,408,754       177,519  
      41,536,198       37,932,314  
Less accumulated depreciation     19,643,803       17,107,866  
Total property and equipment   $ 21,892,395     $ 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 years ended December 31, 2014, 2013 and 2012 was $2,535,937, $1,626,575 and $1,629,594, respectively.  Included in depreciation expense for the year ended December 31, 2014 is an adjustment of approximately $470,000 related to the Company’s Starfruit leasehold improvements.