Annual report pursuant to Section 13 and 15(d)

PROPERTY AND EQUIPMENT, NET

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PROPERTY AND EQUIPMENT, NET
 12 Months Ended
Dec. 31, 2020
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT, NET

NOTE 3 – PROPERTY AND EQUIPMENT, NET

 

Property and equipment, net consisted of the following (in thousands):

 

    December 31,     December 31,  
    2020     2019  
    (in thousands)  
Property and equipment, net:                
Land   $ 5,713     $ —  
Construction in progress     2,800       —  
Office furniture and equipment     385       334  
Leasehold improvements     23       23  
      8,921       357  
Less: Accumulated depreciation and amortization     (350 )     (323 )
    $ 8,571     $ 34  

 

On September 28, 2020, the Company completed the purchase of its 40,000 square foot facility in Massachusetts for $4,000,000, to house its new Advanced Development Center for accelerated development and manufacturing of vaccines. Of the total purchase price, $1.2 million was allocated to the value of land acquired, and $2.8 million was allocated to construction in progress, as the building was not ready for its intended use. As of December 31, 2020, the asset has not been placed in service.

 

On December 23, 2020, the Company completed the purchase of its approximately 44-acre site in Hamilton, Montana for $4.4 million, for the construction of a vaccine development and commercial scale manufacturing facility. As of December 31, 2020, the asset has not been placed in service.