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Property, Plant and Equipment, Net
 3 Months Ended
Mar. 31, 2024
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
March 31,
2024		   As of
December 31,
2023		 
Laboratory and manufacturing equipment  3-10  $21,140,410   $20,953,601 
Buildings and improvements  10-39   20,784,565    20,784,565 
Office furniture and equipment  3-10   1,036,374    1,036,374 
Construction in progress  n/a   2,650,313    2,768,224 
Land  n/a   516,867    516,867 
Property, plant and equipment, gross      46,128,529    46,059,631 
Accumulated depreciation      (19,146,424)   (18,483,948)
Property, plant and equipment, net     $26,982,105   $27,575,683 

 

As of March 31, 2024 and December 31, 2023, 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 $42,259 during the three-month periods ended March 31, 2024 and 2023, respectively. Depreciation expense was $662,477 and $652,134 during the three-month periods ended March 31, 2024 and 2023, respectively.