Quarterly report pursuant to Section 13 or 15(d)

8. PROPERTY, PLANT AND EQUIPMENT

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8. PROPERTY, PLANT AND EQUIPMENT
6 Months Ended
Jun. 30, 2017
Property, Plant and Equipment [Abstract]  
8. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment and related accumulated depreciation are summarized as follows:

 

    June 30, 2017   December 31, 2016
Manufacturing and laboratory equipment   $ 8,176,699     $ 306,411  
Office equipment and computer software     256,856       188,277  
Furniture and fixtures     473,638       1,030,257  
Leasehold improvements     78,858       2,699,104  
Land     11,700,000       —    
Buildings     8,300,000       —    
      28,986,051       4,224,049  
Less: Accumulated depreciation and amortization     (359,383 )     (2,223,265 )
    $ 28,626,668     $ 2,000,784  

 

Fixed assets are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the asset’s estimated useful life. Land is not depreciated. The buildings were assigned a useful life of 30 years. Property and equipment other than land and buildings have useful lives ranging from 3 to 10 years. Leasehold improvements are amortized over the lesser of the lease term or their estimated useful lives.