4.  Property, Plant and Equipment, Net

 

Property, plant and equipment, net consist of the following:

 

 

 

For the year ended December 31, 2015, the Company recorded $1,461,353 of depreciation expense compared to $1,471,832 for the year ended December 31, 2014. There are no commitments related to the completion of construction in process as of December 31, 2015.

 

On December 4, 2015, the Company entered into a Letter of Intent to sell the two unoccupied buildings, with a total of approximately 52,000 square feet, and land, at its Fitchburg, Massachusetts campus.  Subsequently, on January 13, 2016, the Company entered into a Purchase and Sale Agreement for these buildings.  As these buildings are under agreement to be sold, they have been classified as Assets Held for  Sale at December 31, 2015.  The carrying value of the properties ($665,000) approximated the fair value less the cost to sell.  The Company expects the sale of the properties to be completed by the end of 2016 and does not expected any material impact on the statement of operations.