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v3.23.2

Property, Plant and Equipment, Net | 6 Months Ended
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Jun. 30, 2023
Property, Plant and Equipment, Net [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 June 30, 2023 |  |  | As of December 31, 2022 |
Laboratory and manufacturing equipment |  | 3-10 |  | $ | 20,558,068 |  |  | $ | 19,181,960 |
Buildings and improvements |  | 10-39 |  |  | 20,722,501 |  |  |  | 20,050,167 |
Office furniture and equipment |  | 3-10 |  |  | 1,020,259 |  |  |  | 900,306 |
Construction in progress |  | n/a |  |  | 2,892,501 |  |  |  | 3,668,046 |
Land |  | n/a |  |  | 516,867 |  |  |  | 516,867 |
Property, plant and equipment, gross |  |  |  |  | 45,710,196 |  |  |  | 44,317,346 |
Accumulated depreciation |  |  |  |  | (17,159,392 | ) |  |  | (15,875,620 | )
Property, plant and equipment, net |  |  |  | $ | 28,550,804 |  |  | $ | 28,441,726 |
As of June 30, 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 $14,380 and $3,894 during the three-month periods ended June 30, 2023 and 2022, respectively, and $56,639 and $43,305 during the six-month periods ended June 30, 2023 and 2022, respectively. Depreciation expense was $680,019 and $624,609 during the three-month periods ended June 30, 2023 and 2022, respectively, and $1,332,153 and $1,241,455 during the six-month periods ended June 30, 2023 and 2022, respectively.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-7 + Details
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