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3. Property, Plant and Equipment
 6 Months Ended
Jun. 30, 2014
Property, Plant and Equipment [Abstract]  
3. Property, Plant and Equipment

Property, plant and equipment consist of the following:

 

    As of  
   

June 30,

2014

    

December 31,

2013

  
Land   $ 2,782     $ 2,765  
Plant and Buildings     82,927       82,355  
Furniture and fixtures     520       558  
Machinery and equipment     2,607       2,076  
Construction in progress     66       539  
Total gross property, plant & equipment     88,902       88,293  
Less accumulated depreciation     (11,722 )     (9,365 )
Total net property, plant & equipment   $ 77,180     $ 78,928  

 

Depreciation on the components of the property, plant and equipment is calculated using the straight-line method to allocate their depreciable amounts over their estimated useful lives as follows:

 

    Years  
Plant and Buildings     20 - 30  
Machinery & Equipment     5 - 7  
Furniture & Fixtures     3 - 5  

 

For the three months ended June 30, 2014 and June 30, 2013, the Company recorded depreciation expense of $1.1 million and $1.2 million for each period respectively. For the six months ended June 30, 2014 and June 30, 2013, the Company recorded depreciation expense of $2.3 million for each period 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 were no triggering events on the long-lived assets during the three and six months ended June 30, 2014.