PROPERTY AND EQUIPMENT

3 Months Ended

Mar. 31, 2021

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

NOTE 8 – PROPERTY AND EQUIPMENT

At March 31, 2021 and December 31, 2020, property and equipment consisted of the following:

	March 31, 2021			December 31, 2020
Land	$	3,988,810		$	3,988,810
Buildings and building improvements		29,447,594			29,309,856
Tenant improvements		8,825,911			8,844,974
Furniture and fixtures		671,986			619,880
Machinery and equipment		5,111,005			4,620,924
Construction in progress		4,788,041			3,140,807
		52,833,347			50,525,251
Less: accumulated depreciation		(5,342,972	)		(4,888,722	)
Property and equipment, net	$	47,490,375		$	45,636,529

During the three months ended March 31, 2021 and December 31, 2020, additions to property and equipment approximated $2,308,000 and $572,000, respectively.

The 2021 and 2020 additions were primarily comprised of (i) construction in Mt. Vernon, IL, and (ii) machinery and equipment purchases for facilities in Massachusetts, Maryland, Illinois, and Delaware. The 2019 additions consisted primarily of (i) the commencement of construction in Milford, DE and Annapolis, MD, (ii) the continued buildout of properties in Hagerstown, MD, New Bedford, MA, and Middleborough, MA, and (ii) improvements to the Wilmington, DE and Las Vegas, NV properties.

The construction in progress balances of approximately $4.8 million and $3.1 million at March 31, 2021 and December 31, 2020, respectively, consisted of the commencement of construction of properties in Metropolis, IL, Milford, DE, and Annapolis, MD.

Depreciation expense for the three months ended March 31, 2021 and 2020 approximated $462,000 and $484,000, respectively.