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Property, Plant and Equipment, Net
 9 Months Ended
Sep. 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
September 30,
2023		   As of
December 31,
2022		 
Laboratory and manufacturing equipment  3-10  $20,851,633   $19,181,960 
Buildings and improvements  10-39   20,765,623    20,050,167 
Office furniture and equipment  3-10   1,035,864    900,306 
Construction in progress  n/a   2,801,945    3,668,046 
Land  n/a   516,867    516,867 
Property, plant and equipment, gross      45,971,932    44,317,346 
Accumulated depreciation      (17,813,838)   (15,875,620)
Property, plant and equipment, net     $28,158,094   $28,441,726 

 

As of September 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 $43,503 and $0 during the three-month periods ended September 30, 2023 and 2022, respectively, and $100,142 and $43,305 during the nine-month periods ended September 30, 2023 and 2022, respectively. Depreciation expense was $695,635 and $627,544 during the three-month periods ended September 30, 2023 and 2022, respectively, and $2,027,788 and $1,869,000 during the nine-month periods ended September 30, 2023 and 2022, respectively.