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3. Property, Plant and Equipment
 3 Months Ended
Mar. 31, 2021
Property, Plant and Equipment [Abstract]  
3. Property, Plant and Equipment

Property, plant and equipment consist of the following:

 

    As of  
   

March 31,

2021

    

December 31,

2020

  
Land   $ 4,091     $ 4,092  
Plant and buildings     97,249       97,398  
Furniture and fixtures     1,191       1,195  
Machinery and equipment     5,272       5,188  
Construction in progress     30,032       25,397  
Property held for development     15,408       15,408  
Finance lease right of use assets     2,308       2,308  
Total gross property, plant & equipment     155,551       150,986  
Less accumulated depreciation     (42,461 )     (41,106 )
Total net property, plant & equipment   $ 113,090     $ 109,880  

  

For the three months ended March 31, 2021 and 2020, interest capitalized in property, plant and equipment was $0.6 and $0.1 million, respectively.

 

Construction in progress contains incurred costs for the Biogas Project, Riverbank Project, and Zebrex equipment installation at the Keyes Plant. In the second quarter of 2020, CO₂ Project commenced operations and was placed in service at that time.  In the third quarter of 2020, two diary digesters commenced operations and were placed in service at that time. Given there are several ongoing capital projects, their capital expenses have been accumulated in construction in progress and will be capitalized and depreciated once the capital projects are finished and are in service. Depreciation on the components of property, plant and equipment is calculated using the straight-line method over their estimated useful lives as follows:

 

  Years
Plant and buildings   20 - 30
Machinery and equipment   5 - 15
Furniture and fixtures   3 - 5

 

For the three months ended March 31, 2021 and 2020, the Company recorded depreciation expense of $1.4 and $1.1 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. Management determined there was no impairment on the long-lived assets during the three months ended March 31, 2021 and 2020.