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Property, Plant and Equipment, Net
 3 Months Ended
Mar. 31, 2023
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,
2023		   As of
December 31,
2022		 
Laboratory and manufacturing equipment  3-10  $19,652,510   $19,181,960 
Buildings and improvements  10-39   20,050,167    20,050,167 
Office furniture and equipment  3-10   946,655    900,306 
Construction in progress  n/a   3,788,433    3,668,046 
Land  n/a   516,867    516,867 
Property, plant and equipment, gross      44,954,632    44,317,346 
Accumulated depreciation      (16,493,753)   (15,875,620)
Property, plant and equipment, net     $28,460,879   $28,441,726 

 

As of March 31, 2023 and December 31, 2022, 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 $42,259 and $39,410 during the three-month periods ended March 31, 2023 and 2022, respectively. Depreciation expense was $652,134 and $616,847 during the three-month periods ended March 31, 2023 and 2022, respectively.