Property, Plant & Equipment

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT & EQUIPMENT

3. PROPERTY, PLANT & EQUIPMENT

The Company’s property, plant and equipment at March 31, 2022 and December 31, 2021 consisted of the following:

	Estimated Useful Life	March 31, 2022			December 31, 2021
Land		$	278,325		$	278,325
Building and improvements	30 years		15,180,235			9,710,244
Manufacturing and warehouse equipment	6-20 years		13,577,478			12,858,638
Office equipment and furniture	3-5 years		1,941,521			1,805,002
Leasehold improvements	10-15 years		621,903			587,183
Finance leases – right to use	5 years		113,741			113,741
Vehicles	3 years		10,020			10,020
Construction in process (1)			1,883,726			6,633,112
Property, plant and equipment, gross			33,606,949			31,996,265
Less accumulated depreciation			(15,964,941	)		(15,636,047	)
Property, plant and equipment, net		$	17,642,008		$	16,360,218

(1) In April 2022, the Company’s wholly owned subsidiary, KINPAK Inc. (“Kinpak”), placed into service assets relating to an expansion of its manufacturing and distribution facilities.

Depreciation expense totaled $328,893 (of which $303,992 is included in cost of goods sold and $24,901 is included in selling and administrative expenses) and $281,529 (of which $257,140 is included in cost of goods sold and $24,389 is included in selling and administrative expenses) for the three months ended March 31, 2022 and 2021, respectively.