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Property, Plant and Equipment, Net
 9 Months Ended
Sep. 30, 2022
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
September 30,
2022		   As of
December 31,
2021		 
Laboratory and manufacturing equipment  3-10  $18,072,201   $17,388,757 
Buildings and improvements  10-39   19,339,380    19,119,698 
Office furniture and equipment  3-10   887,559    869,191 
Construction in progress  n/a   4,572,972    2,992,359 
Land  n/a   516,867    516,867 
Property, plant and equipment, gross      43,388,979    40,886,872 
Accumulated depreciation      (15,818,968)   (13,993,273)
Property, plant and equipment, net     $27,570,011   $26,893,599 

 

As of September 30, 2022 and December 31, 2021, 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 $0 and $61,740 during the three-month periods ended September 30, 2022 and 2021, respectively, and $43,305 and $156,788 during the nine-month periods ended September 30, 2022 and 2021, respectively. Depreciation expense was $627,544 and $613,389 during the three-month periods ended September 30, 2022 and 2021, respectively, and $1,869,000 and $1,845,612 during the nine-month periods ended September 30, 2022 and 2021, respectively.