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3. Property, Plant and Equipment

6 Months Ended

Jun. 30, 2013

Property, Plant and Equipment [Abstract]

Property, plant and equipment consist of the following:

	June 30, 2013			December 31, 2012
Land	$	2,787,062		$	2,837,780
Plant and buildings		82,477,629			83,004,928
Furniture and fixtures		375,012			376,333
Machinery and equipment		2,229,554			2,615,140
Construction in progress		29,263			82,627
Total gross property, plant & equipment		87,898,520			88,916,808
Less accumulated depreciation		(7,158,350	)		(5,023,336	)
Total net property, plant & equipment	$	80,740,170		$	83,893,472

For the three months ended June 30, 2013 and June 30, 2012, the Company recorded depreciation expense of $1,153,167 and $419,549, respectively. For the six months ended June 30, 2013 and June 30, 2012, the Company recorded depreciation expense of $2,318,422 and $764,466, respectively.

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. Management determined there was no need to impair the long-lived assets as of June 30, 2013.

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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