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3. Property, Plant and Equipment
 3 Months Ended
Mar. 31, 2012
Property, Plant and Equipment [Abstract]  
3. Property, Plant and Equipment

 

Property, plant and equipment consist of the following:

 

   

March 31,

2012

    

December 31,

 2011

  
                 
Land   $ 695,294     $ 667,008  
Buildings     14,039,843       10,429,402  
Furniture and fixtures     155,500       152,373  
Machinery and equipment     1,136,587       1,025,105  
Leasehold and tenant improvements     2,833,050       2,800,339  
Construction in progress     -       3,186,551  
Total gross property, plant & equipment     18,860,274       18,260,778  
Less accumulated depreciation     (3,147,788 )     (2,729,873 )
Total net property, plant & equipment   $ 15,712,486     $ 15,530,905  

 

For the three months ended March 31, 2012 and March 31, 2011, the Company recorded depreciation expense of $344,917 and $189,789, respectively.

 

As of December 31, 2011, the components of construction in progress relate to the Company’s India biodiesel pretreatment and glycerin facility.

 

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 has determined that no impairment existed as of December 31, 2011 and that no changes in circumstances have come to the Company’s attention during the three months ended March 31, 2012 that would indicate the need to reevaluate long-lived assets for impairment.