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3. Property, Plant and Equipment
 9 Months Ended
Sep. 30, 2012
Property, Plant and Equipment [Abstract]  
3. Property, Plant and Equipment

  

Property, plant and equipment consists of the following:


 

    September 30, 2012     December 31, 2011  
Land   $ 2,862,255     $ 667,008  
Buildings     28,347,496       10,429,402  
Production plant and equipment     55,267,000       —  
Furniture and fixtures     378,226       152,373  
Machinery and equipment     2,515,232       1,025,105  
Leasehold and tenant improvements     —       2,800,339  
Construction in progress     77,126       3,186,551  
Total gross property, plant & equipment     89,447,335       18,260,778  
Less accumulated depreciation     (3,836,714 )     (2,729,873 )
Total net property, plant & equipment   $ 85,610,621     $ 15,530,905  

 

For the three months ended September 30, 2012 and 2011, the Company recorded depreciation expense of $1,211,565 and $341,153 respectively. For the nine months ended September 30, 2012 and 2011, the Company recorded depreciation expense of $1,976,031 and $885,811, respectively.

 

As of September 30, 2012 and December 31, 2011, construction in progress includes $77,126 and $3,186,551, respectively, 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 September 30, 2012 that would indicate the need to reevaluate long-lived assets for impairment.