PROPERTY AND EQUIPMENT

9 Months Ended

Sep. 30, 2021

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

NOTE 8 – PROPERTY AND EQUIPMENT

At September 30, 2021 and December 31, 2020, property and equipment consisted of the following:

	September 30, 2021			December 31, 2020
Land	$	4,449,810		$	3,988,810
Buildings and building improvements		34,343,369			29,309,856
Tenant improvements		9,295,691			8,844,974
Furniture and fixtures		1,868,571			619,880
Machinery and equipment		6,983,256			4,620,924
Construction in progress		8,938,997			3,140,807
		65,879,694			50,525,251
Less: accumulated depreciation		(6,363,525	)		(4,888,722	)
Property and equipment, net	$	59,516,169		$	45,636,529

During the nine months ended September 30, 2021 and December 31, 2020, additions to property and equipment approximated $15,354,000 and $1,876,000, respectively.

The 2021 additions were primarily comprised of (i) the development of the facility in Metropolis, IL, and (ii) purchases of building improvements, machinery, and equipment at the facilities in Hagerstown, MD and New Bedford, MA. The 2020 additions consisted primarily of (i) the commencement of construction in Mt. Vernon, IL, and (ii) machinery and equipment purchases for facilities in Massachusetts, Maryland, Illinois, and Delaware.

The construction in progress balances of approximately $8.9 million and $3.1 million at September 30, 2021 and December 31, 2020, respectively, consisted of the commencement of construction of properties in Milford, DE and Annapolis, MD.

Depreciation expense for the nine months ended September 30, 2021 and 2020 approximated $1,499,000 and $1,341,000, respectively.