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3. Property, Plant and Equipment
 6 Months Ended
Jun. 30, 2012
Property, Plant and Equipment [Abstract]  
3. Property, Plant and Equipment

Property, plant and equipment consists of the following:

 

   

June 30,

2012

    

December 31,

2011

  
Land   $ 635,994     $ 667,008  
Buildings     12,900,119       10,429,402  
Furniture and fixtures     152,203       152,373  
Machinery and equipment     2,362,222       1,025,105  
Leasehold and tenant improvements     2,833,049       2,800,339  
Construction in progress     —       3,186,551  
Total gross property, plant & equipment     18,883,587       18,260,778  
Less accumulated depreciation     (3,410,646 )     (2,729,873 )
Total net property, plant & equipment   $ 15,472,941     $ 15,530,905  

 

For the six months ended June 30, 2012 and 2011, the Company recorded depreciation expense of $764,466 and $544,676, respectively.  For the three months ended June 30, 2012 and 2011, the Company recorded depreciation expense of $419,549 and $354,887, respectively.

 

As of December 31, 2011, construction in progress includes $3,186,549 related to the Company’s India biodiesel pretreatment and glycerin processing 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 change in circumstances has come to the Company’s attention during the three months ended June 30, 2012 that would indicate the need to reevaluate long-lived assets for impairment.