Property, Plant and Equipment, Net

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT, net

7. PROPERTY, PLANT AND EQUIPMENT, net

Property, plant and equipment consisted of the following:

	Estimated Useful Lives (in years)	As of December 31, 2022			As of December 31, 2021
Laboratory and manufacturing equipment	3-10	$	19,181,960		$	17,388,757
Buildings and improvements	10-39		20,050,167			19,119,698
Office furniture and equipment	3-10		900,306			869,191
Construction in progress	n/a		3,668,046			2,992,359
Land	n/a		516,867			516,867
Property, plant and equipment, gross			44,317,346			40,886,872
Accumulated depreciation			(15,875,620	)		(13,993,273	)
Property, plant and equipment, net		$	28,441,726		$	26,893,599

As of December 31, 2022 and 2021, construction in progress consisted principally of payments toward the First Defense^® production capacity expansion project and equipment needed to bring the formulation and aseptic filling for Re-Tain^® in-house. Property, plant and equipment disposals were $127,127 and $160,366 during the years ended December 31, 2022 and 2021, respectively. Depreciation expense was $2,468,479 and $2,442,036 during the years ended December 31, 2022 and 2021, respectively.