Property, plant and equipment

12 Months Ended

Dec. 31, 2024

8.	Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation and amortization and depreciated using the straight-line method over their useful lives. At December 31, 2024 and 2023, the Company’s property, plant and equipment, net consisted of the following:

		2024			2023
Building	$	3,447,763		$	969,188
Computer equipment and software		100,370			98,756
Furniture and other equipment		16,251			271,798
Leasehold improvements		11,991			17,280
Equipment and machinery		770,939			943,464
Automobiles		4,638			4,638
Building held for lease		—			196,416
Construction in process		—			2,397,659
Property, plant and equipment		4,351,952			4,899,199
Less: accumulated depreciation		(386,526	)		(511,022	)
Property, plant and equipment, net	$	3,965,426		$	4,388,177

Depreciation expense for the years ended December 31, 2024 and 2023 amounted to $513,125 and $370,289, respectively. Additionally, during the year ended December 31, 2023, property, plant and equipment consisting of lab units and construction in progress with a net book value of $1,229,034 was written off due to lack of usage and no plans to be put back into service.