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Property, Plant and Equipment, Net
 12 Months Ended
Dec. 31, 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
December 31,
2023		   As of
December 31,
2022		 
Laboratory and manufacturing equipment  3-10  $20,953,601   $19,181,960 
Buildings and improvements  10-39   20,784,565    20,050,167 
Office furniture and equipment  3-10   1,036,374    900,306 
Construction in progress  n/a   2,768,224    3,668,046 
Land  n/a   516,867    516,867 
Property, plant and equipment, gross      46,059,631    44,317,346 
Accumulated depreciation      (18,483,948)   (15,875,620)
Property, plant and equipment, net     $27,575,683   $28,441,726 

 

As of December 31, 2023 and 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 $100,142 and $127,127 during the years ended December 31, 2023 and 2022, respectively. Depreciation expense was $2,697,897 and $2,468,479 during the years ended December 31, 2023 and 2022, respectively.