Annual report pursuant to Section 13 and 15(d)

Property, Plant and Equipment

v3.21.1
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.