On January 2, 2014, Indian River Groves began construction of a new citrus processing plant. The automated plant was finished and ready for use on September 30, 2015. Expenditures for the construction were as follows: January 2, 2014 $ 400,000 September 1, 2014 1,200,000 December 31, 2014 1,200,000 March 31, 2015 1,200,000 September 30, 2015 800,000 Indian River Groves borrowed $2,200,000 on a construction loan at 12% interest on January 2, 2014. This loan was outstanding during the construction period. The company also had $8,000,000 in 9% bonds outstanding in 2014 and 2015. The interest capitalized for 2014 was: