| PROPERTY, PLANT, AND EQUIPMENT |
6. PROPERTY, PLANT, AND EQUIPMENT
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Buildings, |
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Machinery |
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leasehold |
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Furniture and |
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Office |
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and |
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Auto and |
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improvements, |
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Construction in |
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fixtures |
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equipment |
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equipment |
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trucks |
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and land |
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Progress |
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Total |
Cost |
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As of January 1, 2020 |
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$ |
923,391 |
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$ |
312,486 |
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$ |
1,871,195 |
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$ |
130,298 |
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$ |
17,732,014 |
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$ |
17,146,625 |
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$ |
38,116,009 |
As of December 31, 2020 |
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$ |
1,075,916 |
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$ |
509,355 |
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$ |
6,733,139 |
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$ |
189,551 |
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$ |
45,641,170 |
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$ |
18,600,528 |
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$ |
72,749,659 |
As of December 31, 2021 |
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$ |
2,830,633 |
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$ |
4,488,246 |
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$ |
18,992,318 |
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$ |
1,021,291 |
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$ |
161,994,300 |
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$ |
95,853,330 |
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$ |
285,180,118 |
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Accumulated Depreciation |
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As of January 1, 2020 |
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$ |
94,140 |
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$ |
41,736 |
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$ |
118,375 |
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$ |
13,978 |
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$ |
694,919 |
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$ |
– |
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$ |
963,148 |
As of December 31, 2020 |
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$ |
276,450 |
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$ |
142,822 |
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$ |
360,674 |
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$ |
54,104 |
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$ |
2,811,529 |
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$ |
– |
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$ |
3,645,579 |
As of December 31, 2021 |
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$ |
589,608 |
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$ |
457,477 |
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$ |
1,809,223 |
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$ |
219,632 |
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$ |
6,882,012 |
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$ |
– |
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$ |
9,957,952 |
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Net book value |
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As of January 1, 2020 |
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$ |
829,251 |
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$ |
270,750 |
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$ |
1,752,820 |
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$ |
116,320 |
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$ |
17,037,095 |
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$ |
17,146,625 |
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$ |
37,152,861 |
As of December 31, 2020 |
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$ |
799,466 |
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$ |
366,533 |
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$ |
6,372,465 |
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$ |
135,447 |
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$ |
42,829,641 |
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$ |
18,600,528 |
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$ |
69,104,080 |
As of December 31, 2021 |
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$ |
2,241,025 |
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$ |
4,030,769 |
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$ |
17,183,095 |
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$ |
801,659 |
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$ |
155,112,288 |
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$ |
95,853,330 |
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$ |
275,222,166 |
During the years ended December 31, 2021 and 2020, the Company capitalized borrowing costs of $8,372,691 and $1,360,605, respectively.
Depreciation and amortization expense relating to PPE for the years ended December 31, 2021 and 2020:
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Year Ended |
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December 31, |
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December 31, |
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2021 |
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2020 |
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$ |
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$ |
Cost of goods sold |
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5,078,179 |
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1,965,243 |
Expenses |
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1,920,905 |
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829,745 |
Total depreciation relating to PPE |
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6,999,084 |
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2,794,988 |
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