Quarterly report pursuant to Section 13 or 15(d)

Property, Plant and Equipment

v3.20.1
Property, Plant and Equipment
 3 Months Ended
Mar. 31, 2020
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment
Property, Plant and Equipment

Property, plant and equipment at March 31, 2020 and December 31, 2019 consisted of the following:
 
Estimated Useful
Life (in Years)
 
March 31, 2020
 
December 31, 2019
Energy systems
1 - 15 years
 
$
4,372,638

 
$
4,372,638

Machinery and equipment
5 - 7 years
 
1,502,930

 
1,462,208

Furniture and fixtures
5 years
 
193,698

 
193,698

Computer software
3 - 5 years
 
192,865

 
192,865

Leasehold improvements
*
 
450,792

 
450,792

 
 
 
6,712,923

 
6,672,201

Less - accumulated depreciation and amortization
 
 
(3,368,964
)
 
(3,206,253
)
 
 
 
$
3,343,959

 
$
3,465,948

* Lesser of estimated useful life of asset or lease term
Depreciation and amortization expense on property and equipment for the three months ended March 31, 2020 and 2019 was $175,660 and $341,862, respectively.

In March 2019, the Company sold certain energy systems related assets and related energy production contracts. See Note 6. Sale of Energy Producing Assets and Goodwill Impairment for further discussion.