Property, plant and equipment

12 Months Ended

Dec. 31, 2023

Property, plant and equipment

Property, plant and equipment

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, 2023 and 2022, the Company’s property, plant and equipment, net consisted of the following:  

		2023			2022
Building	$	969,188		$	—
Computer equipment and software		102,325			94,530
Furniture and other equipment		271,798			271,798
Leasehold improvements		17,280			17,280
Equipment and machinery		943,464			943,464
Automobiles		4,638			4,638
Building held for lease		196,416			196,416
Laboratory and temporary units		0			1,364,748
Land		1,190,655			1,190,655
Construction in process		2,397,659			2,244,100
Property, plant and equipment		6,093,423			6,327,629
Less: accumulated depreciation		(511,022	)		(718,726	)
Property, plant and equipment, net	$	5,582,401		$	5,608,903

Depreciation expense for the years ended December 31, 2023 and 2022 amounted to $370,525 and $410,314, 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.