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Property, Plant and Equipment, Net
 3 Months Ended
Mar. 31, 2021
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT, net

7. PROPERTY, PLANT AND EQUIPMENT, net

 

Property, plant and equipment consisted of the following:

 

   Estimated Useful Lives
(in years)		  As of
March 31, 2021		   As of
December 31, 2020		 
Laboratory and manufacturing equipment  3-10  $16,111,371   $15,786,620 
Building and improvements  10-39   18,999,500    18,999,500 
Office furniture and equipment  3-10   745,279    779,720 
Construction in progress  n/a   2,224,292    2,337,620 
Land  n/a   516,867    516,867 
Property, plant and equipment, gross      38,597,309    38,420,327 
Accumulated depreciation      (12,187,925)   (11,665,352)
Property, plant and equipment, net     $26,409,384   $26,754,975 

 

As of March 31, 2021 and December 31, 2020, construction in progress consisted principally of payments toward the First Defense® production capacity expansion project and equipment needed to bring the formulation and aseptic filling for Re-Tain™ in-house. Property, plant and equipment disposals were $92,121 and $16,294 during the three-month periods ended March 31, 2021 and 2020, respectively. Depreciation expense was $614,695 and $555,124 during the three-month periods ended March 31, 2021 and 2020, respectively.