Property and Equipment

9 Months Ended

Sep. 30, 2017

Property and Equipment [Abstract]

PROPERTY AND EQUIPMENT

NOTE 7 – PROPERTY AND EQUIPMENT

At September 30, 2017 and December 31, 2016, property and equipment consisted of the following:

	Useful life	September 30, 2017			December 31, 2016
Office equipment and furniture	5 years	$	69,575		$	65,209
Manufacturing equipment	5 -10 years		33,671,962			32,240,010
Vehicles	5 years		249,628			169,773
Building and building improvements	5 - 20 years		22,066,046			21,135,718
			56,057,211			53,610,710
Less: accumulated depreciation			(27,782,262	)		(23,732,035	)
		$	28,274,949		$	29,878,675

For the three months ended September 30, 2017 and 2016, depreciation expense amounted to $998,394 and $1,070,931, respectively, of which approximately $721,042 and $958,920, respectively, was included in cost of revenues, and the remainder was included in operating expenses. For the nine months ended September 30, 2017 and 2016, depreciation expense amounted to $2,937,696 and $2,895,246, respectively, of which approximately $2,123,042 and $2,506,920, respectively, was included in cost of revenues, and the remainder was included in operating expenses.