Note 6 - Property, Plant and Equipment, Net

9 Months Ended

Sep. 30, 2022

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

6.  PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment are recorded at cost and depreciated over their useful lives. Maintenance and repair costs are expenses as incurred. Property, plant and equipment are as follows:

	September 30,		December 31,
	2022		2021
Land	$	231,034	$	231,034
Buildings and improvements		3,259,845		2,961,431
Machinery & equipment		22,971,968		21,612,759
Total property, plant & equipment		26,462,847		24,805,224
Less: accumulated depreciation		10,929,089		9,196,022
Property plant & equipment, net	$	15,533,758	$	15,609,202

Depreciation expense was $597,320 and $511,046 for the three months ended September 2022 and 2021, respectively and $1,778,566 and $1,535,870 for the nine months ended September 30, 2022 and 2021, respectively. There was a $1.0 million reclassification from inventory to machinery and equipment during the three months ended September 30, 2022.