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Property, Plant and Equipment, Net
 9 Months Ended
Sep. 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
September 30, 2024		   As of
December 31, 2023		 
Laboratory and manufacturing equipment  3-10  $21,183,888   $20,953,601 
Buildings and improvements  10-39   20,858,708    20,784,565 
Office furniture and equipment  3-10   1,053,436    1,036,374 
Construction in progress 
n/a
   2,588,630    2,768,224 
Land 
n/a
   516,867    516,867 
Property, plant and equipment, gross      46,201,529    46,059,631 
Accumulated depreciation      (20,381,196)   (18,483,948)
Property, plant and equipment, net     $25,820,333   $27,575,683 

 

As of September 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 $49,652 and $43,503 during the three-month periods ended September 30, 2024 and 2023, respectively, and $120,814 and $100,142 during the nine-month periods ended September 30, 2024 and 2023, respectively. Depreciation expense was $670,346 and $695,635 during the three-month periods ended September 30, 2024 and 2023, respectively, and $1,999,005 and $2,027,788 during the nine-month periods ended September 30, 2024 and 2023, respectively.