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3. Property, Plant and Equipment | 12 Months Ended
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Dec. 31, 2014
Property, Plant and Equipment [Abstract] |
3. Property, Plant and Equipment | Property, plant and equipment consist of the following:
|  | As of |
|  | December 31, 2014 |  |  | December 31, 2013 |
Land |  | $ | 2,753 |  |  | $ | 2,765 |
Plant and Buildings |  |  | 82,338 |  |  |  | 82,355 |
Furniture and fixtures |  |  | 458 |  |  |  | 558 |
Machinery and equipment |  |  | 4,063 |  |  |  | 2,076 |
Construction in progress |  |  | 148 |  |  |  | 539 |
Total gross property, plant & equipment |  |  | 89,760 |  |  |  | 88,293 |
Less accumulated depreciation |  |  | (13,950 | ) |  |  | (9,365 | )
Total net property, plant & equipment |  | $ | 75,810 |  |  | $ | 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 |
The Company recorded depreciation expense for the years ended December 31, 2014, 2013, and 2012 of $4.7 million , $4.6 million, and $3.0 million, 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. Based on the evaluation, management determined no assets required impairment as of December 31, 2014 and 2013.

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2921-110230 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13-14) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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