Property, Plant and Equipment

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

5. Property, plant and equipment

Major classifications of property, plant and equipment are summarized as follows for December 31, 2020 and 2019:



	2020		2019
Land	$	724,785	$	718,586
Building and improvements		14,048,917		13,297,489
Construction in Process		3,212,287		2,105,873
Equipment		13,819,210		12,275,619
Office furniture and equipment		202,596		201,813
Vehicles		28,700		28,097
Total property and equipment	$	32,036,495	$	28,627,477
Less accumulated depreciation and amortization		(5,106,157)		(3,561,641)
Property, plant and equipment, net	$	26,930,338	$	25,065,836

Depreciation and amortization expense for 2020 on property, plant and equipment was $1.5 million (2019: $1.3 million; 2018: $830 thousand).

In March 2020, the Company settled an outstanding legal claim against a third party resulting in net proceeds of $1.0 million. The proceeds received reduced the carrying value of the acquired equipment. Depreciation on these items has been recalculated prospectively over their remaining useful lives.

As of December 31, 2020, included in construction in process is $1.9 million for construction related to the Rollo Bay farm site and $407 thousand for construction related to the Indiana farm site. An additional $258 thousand and $1.1 million have been committed for the Rollo Bay and Indiana farm sites, respectively.