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PROPERTY, PLANT AND EQUIPMENT
 9 Months Ended
Sep. 30, 2021
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT

NOTE 7. PROPERTY, PLANT AND EQUIPMENT

 

Property, plant and equipment, net consists of the following:

 

  

September 30, 2021

  

December 31, 2020

 
Land  $789,734   $59,226 
Buildings   4,909,478    363,215 
Equipment   552,135    507,676 
Leasehold improvements   143,327    289,865 
   6,394,674    1,219,982 
Less: accumulated depreciation   (326,419)   (553,182)
           
Total property, plant and equipment, net  $6,068,255   $666,800 

 

On April 30, 2021 the Company closed on the purchase and sale agreement to acquire a 71,361 square feet commercial office building located in Lenexa, Kansas which is intended to serve as the Company’s future office and warehouse needs. The building contains approximately 30,000 square feet of office space and the remainder warehouse space. The total purchase price was approximately $5.3 million, the Company funded the purchase price with cash on hand, without the addition of external debt or other financing.

 

Depreciation expense for the nine months ended September 30, 2021 and September 30, 2020 was $177,959 and $115,196, respectively, and is included in general and administrative expenses.