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3. Property, Plant and Equipment

9 Months Ended

Sep. 30, 2018

Property, Plant and Equipment [Abstract]

3. Property, Plant and Equipment

Property, plant and equipment consist of the following:

		September 30, 2018				December 31, 2017
Land		$	2,680			$	2,747
Plant and buildings			81,974				82,652
Furniture and fixtures			1,049				1,003
Machinery and equipment			3,860				3,972
Construction in progress			2,545				941
GAFI property, plant & equipment			15,408				15,408
Total gross property, plant & equipment			107,516				106,723
Less accumulated depreciation			(30,704	)			(27,886	)
Total net property, plant & equipment		$	76,812			$	78,837

Depreciation on the components of 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 September 30, 2018 and 2017, the Company recorded depreciation expense of $1.2 million for each period. For the nine months ended September 30, 2018 and 2017, the Company recorded depreciation expense of $3.5 million for each period.

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 impairment of long-lived assets during the three and nine months ended September 30, 2018 and 2017.

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- References

No definition available.

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-URI http://asc.fasb.org/topic&trid=2155823

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