Property And Equipment

3 Months Ended

Mar. 31, 2014

Note 6 – PROPERTY AND EQUIPMENT

Property and equipment consist of the following:


	March 31,				December 31,
	2014		2013		2013
Land	$	1,856,370	$	1,178,160	$	1,856,370
Buildings and improvements		14,991,357		11,972,226		14,587,022
Machinery and equipment		20,036,724		15,865,429		19,633,164
Vehicles		1,244,560		1,350,608		1,244,560
Office equipment		433,679		429,013		433,679
Construction in process		177,519		167,775		177,519
		38,740,209		30,963,211		37,932,314
Less accumulated depreciation		17,491,227		16,045,951		17,107,866
Total property and equipment	$	21,248,982	$	14,917,260	$	20,824,448

Lifeway completed the purchase of Golden Guernsey's assets on July 2, 2013. The cost was approximately $7.4 million and none of the purchased assets have been placed in service.

Depreciation expense during the three months ended March 31, 2014 and 2013 was $383,361 and $394,125 respectively.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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