Property, Plant and Equipment

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Note 4 – Property, Plant and Equipment

The components of property and equipment are as follows (in thousands):

	December 31,			December 31,
	2020			2019			Estimated Useful Life
Land	$	352		$	504
Building improvements		1,729			3,113		10-39 years
Machinery and laboratory equipment		5,443			4,285		3-7 years
Computer equipment		881			472		3-5 years
Furniture and fixtures		194			207		5 years
		8,599			8,581
Less: accumulated depreciation		(5,021	)		(6,251	)
Total property, plant and equipment, net	$	3,578		$	2,329

Depreciation expense incurred for Fiscal 2020 and 2019 were $375,000 and $398,000, respectively.

On July 10, 2020, we entered into an Agreement of Sale and Purchase (the “Sale Agreement”) with Lenape Valley Foundation (the “Purchaser”), pursuant to which we agreed to sell our then corporate headquarters land and building located in Doylestown, Pennsylvania to the Purchaser for $2.2 million.

On November 13, 2020, we closed on the sale of our former corporate headquarters and relocated our headquarters to Garden City, New York in January 2021. The total sales price of the property, which was paid in cash, was $2.2 million, less closing costs and related expenses of approximately $134,000. As a consequence of the sale, we recorded $1.9 million gain from the sale of the real estate for Fiscal 2020.