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Property, Plant and Equipment, Net
 6 Months Ended
Jun. 30, 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
June 30,
2024

  

As of
December 31,
2023

 
Laboratory and manufacturing equipment  3-10  $21,128,526   $20,953,601 
Buildings and improvements  10-39   20,861,288    20,784,565 
Office furniture and equipment  3-10   1,038,641    1,036,374 
Construction in progress 
n/a
   2,612,239    2,768,224 
Land 
n/a
   516,867    516,867 
Property, plant and equipment, gross      46,157,561    46,059,631 
Accumulated depreciation      (19,760,502)   (18,483,948)
Property, plant and equipment, net     $26,397,059   $27,575,683 

 

As of June 30, 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 $71,162 and $14,380 during the three-month periods ended June 30, 2024 and 2023, respectively, and $71,162 and $56,639 during the six-month periods ended June 30, 2024 and 2023, respectively. Depreciation expense was $666,182 and $680,019 during the three-month periods ended June 30, 2024 and 2023, respectively, and $1,328,659 and $1,332,153 during the six-month periods ended June 30, 2024 and 2023, respectively.