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Property, plant and equipment

6 Months Ended

Jun. 30, 2018

Property, Plant and Equipment [Abstract]

Property, plant and equipment

Property, plant and equipment

Major classifications of property, plant and equipment are summarized as follows:

		June 30,				December 31,
		2018				2017
Land		$	714,785			$	676,083
Building and improvements		9,316,101				9,187,160
Construction in process		5,562,148				5,119,961
Equipment		9,558,732				8,211,510
Office furniture and equipment		190,998				136,091
Vehicles		27,830				29,135
Total property and equipment		$	25,370,594			$	23,359,940
Less accumulated depreciation and amortization		(1,752,893		)		(1,556,964		)
Property, plant and equipment, net		$	23,617,701			$	21,802,976

Depreciation and amortization expense was $266,794 and $84,717 for the six months ended June 30, 2018 and 2017, respectively.

Included in construction in process is $5.3 million for renovation and new construction costs incurred at our Rollo Bay farm site. An additional $1.1 million has been committed. The grow-out building is expected to be completed by year end, and the broodstock building is expected to be completed during 2019.

On June 22, 2017, the Company purchased the aquaculture facility of Bell Fish Company LLC in Albany, Indiana, for $14.2 million, including legal and other expenses incurred. Through June 30, 2018, the Company has invested $1.9 million to upgrade the facility for use to grow out its AquAdvantage Salmon for harvest and sale in the United States. The Company currently has an additional $0.4 million committed to this project. This facility is now operational, although the Company expects that upgrades will continue through 2019.

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- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-URI http://asc.fasb.org/topic&trid=2155823

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