Quarterly report pursuant to Section 13 or 15(d)

Property, Plant and Equipment

v3.20.2
Property, Plant and Equipment
 9 Months Ended
Sep. 30, 2020
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment
Property, Plant and Equipment

Property, plant and equipment at September 30, 2020 and December 31, 2019 consisted of the following:
 
Estimated Useful
Life (in Years)
 
September 30, 2020
 
December 31, 2019
Energy systems
1 - 15 years
 
$
4,372,638

 
$
4,372,638

Machinery and equipment
5 - 7 years
 
1,509,208

 
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

 
 
 
6,719,201

 
6,672,201

Less - accumulated depreciation and amortization
 
 
(3,721,187
)
 
(3,206,253
)
 
 
 
$
2,998,014

 
$
3,465,948

* Lesser of estimated useful life of asset or lease term
Depreciation and amortization expense on property and equipment for the three and nine months ended September 30, 2020 and 2019 was $175,869 and $527,886 and $180,662 and $686,880, 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.