Property, Plant and Equipment

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

PROPERTY, PLANT AND EQUIPMENT

The following table summarizes property, plant and equipment as of December 31, 2014 and December 31, 2013:

	As of December 31,
	2014			2013
Building	$	5,828,960		$	5,820,509
Furniture, fixtures, computer hardware and computer software	475,266			461,491
Manufacturing machinery and equipment	31,227,523			32,332,905
Depreciable property, plant and equipment	37,531,749			38,614,905
Manufacturing machinery and equipment in progress	66,703			—
Property, plant and equipment	37,598,452			38,614,905
Less: Accumulated depreciation and amortization	(22,941,264		)	(17,850,688		)
Net property, plant and equipment	$	14,657,188		$	20,764,217

The Company analyzes its long-lived assets for impairment, both individually and as a group, whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. During the quarter ended June 30, 2011, an impairment charge in the amount of approximately $74.5 million was taken against Property, Plant and Equipment. This impairment, combined with a charge of approximately $3.5 million taken against Deposits on manufacturing equipment, resulted in a total write-down of $78.0 million in the quarter ended June 30, 2011. This write-down resulted in net assets of approximately $32.2 million being recorded at fair value as of June 30, 2011. The fair value measurement for these assets relied primarily on Company-specific inputs and the Company’s assumptions about the use of the assets, as observable inputs were not available. Accordingly, the Company determined these fair value measurements reside primarily within Level 3 of the fair value hierarchy.

Depreciation expense for the years ended December 31, 2014 and 2013 was $5,925,546 and $6,186,889, respectively. Depreciation expense is recorded under “Research, development and manufacturing operations” expense and “Selling, general and administrative” expense in the Statements of Operations.