Property and Equipment

9 Months Ended

Sep. 30, 2014

Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract]



	(in thousands)
	September 30, 2014			December 31, 2013
Land, buildings and improvements	$	4,209		$	4,209
Furniture, fixtures, and equipment	5,256			5,093
Leasehold improvements	85			85

Total property and equipment	9,550			9,387
Less: accumulated depreciation and amortization	(4,834		)	(4,334		)

Property and equipment, net	$	4,716		$	5,053

Property and equipment are recorded at cost. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the respective assets, ranging from five to thirty-nine years.

Construction in progress consists of funds used for the construction and installation of property and equipment within the Company's New Brunswick, NJ facility. As of September 30, 2014, construction in progress is reported as $7,269,000 as compared to $7,046,000 as of December 31, 2013. The Company capitalized $143,000 of interest charges through December 31, 2013 related to the construction in progress.

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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