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3. Property, Plant and Equipment
 12 Months Ended
Dec. 31, 2011
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment

 

3. Property, Plant and Equipment

 

Property, plant and equipment consist of the following:

 

    As of December 31,  
    2011     2010  
                 
Land   $ 667,008     $ 792,036  
Buildings     10,429,402       12,237,853  
Furniture and fixtures     152,373       104,199  
Machinery and equipment     1,025,105       907,651  
Leasehold and tenant improvements     2,800,339       1,024,831  
Construction in progress     3,186,551       3,066,928  
Total gross property, plant & equipment     18,260,778       18,133,498  
Less accumulated depreciation     (2,729,873 )     (1,728,948 )
Total net property, plant & equipment   $ 15,530,905     $ 16,404,550  

 

The Company recorded depreciation for the years ended December 31, 2011 and 2010 of $1,141,007 and $760,051, respectively.

 

As of December 31, 2011 and 2010, the components of construction in progress include $3,186,551 and $3,066,928, respectively, related to the Company’s Kakinada, India biodiesel pre-treatment and glycerin units.

 

As of December 31, 2011 and 2010, leasehold improvements and tenant improvements relate to the Keyes, California ethanol plant.

 

Management is required to evaluate these long-lived assets for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Based on the evaluation, management determined no assets required impairment as of December 31, 2011 and 2010.