Property, Plant and Equipment

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Note 5 – Property, Plant and Equipment

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

	December 31,			December 31,
	2021			2020			Estimated Useful Life
Land	$	352		$	352
Building improvements		1,729			1,729		10-39 years
Machinery		4,740			4,441		3-7 years
Lab equipment		4,330			1,002		3-7 years
Computer equipment and software		1,211			881		3-5 years
Furniture and fixtures		468			194		5 years
		12,830			8,599
Less: accumulated depreciation		(6,883	)		(5,021	)
Total property, plant and equipment, net	$	5,947		$	3,578

Depreciation expense for Fiscal 2021 and 2020 were $1,862,000 and $375,000, 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 result of the sale, we recorded $1.9 million gain from the sale of the real estate for Fiscal 2020.