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3. Property, Plant and Equipment | 12 Months Ended
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Dec. 31, 2018
Property, Plant and Equipment [Abstract] |
Property, Plant and Equipment | Property, plant and equipment consist of the following:
|  | December 31, 2018 |  |  | December 31, 2017 |
Land |  | $ | 4,116 |  |  | $ | 2,747 |
Plant and buildings |  |  | 82,445 |  |  |  | 82,652 |
Furniture and fixtures |  |  | 1,056 |  |  |  | 1,003 |
Machinery and equipment |  |  | 3,928 |  |  |  | 3,972 |
Construction in progress |  |  | 3,581 |  |  |  | 941 |
GAFI property, plant & equipment |  |  | 15,408 |  |  |  | 15,408 |
Total gross property, plant & equipment |  |  | 110,534 |  |  |  | 106,723 |
Less accumulated depreciation |  |  | (32,042 | ) |  |  | (27,886 | )
Total net property, plant & equipment |  | $ | 78,492 |  |  | $ | 78,837 |
Interest capitalized in property, plant, and equipment was $135 thousand and none for the years ended December 31, 2018 and 2017, respectively. 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 and equipment |  | 5 - 7
Furniture and fixtures |  | 3 - 5
The Company recorded depreciation expense of approximately $4.6 million each for the years ended December 31, 2018 and 2017. The Company evaluates the recoverability of long-lived assets with finite lives in accordance with ASC Subtopic 360-10-35 Property Plant and Equipment –Subsequent Measurements, which requires recognition of impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, based on estimated undiscounted cash flows, the impairment loss would be measured as the difference between the carrying amount of the assets and its estimated fair value. Based on the analysis, both the Keyes Plant and Kakinada Plant did not require impairment adjustment as of December 31, 2018 and 2017.

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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 + Details
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