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

(5)

Property, Plant, and Equipment

Property, plant, and equipment consist of the following:

 

 

 

September 30,

 

 

December 31,

 

 

Estimated

(in thousands)

 

2020

 

 

2019

 

 

Useful Life

Buildings and land

 

$

1,109

 

 

$

589

 

 

30 years - Buildings

Enterprise hardware and software

 

 

1,805

 

 

 

1,739

 

 

3 years

Leaseholds

 

 

1,808

 

 

 

1,695

 

 

Lesser of lease term or estimated useful life

Equipment

 

 

1,045

 

 

 

1,025

 

 

7 years

Furniture

 

 

203

 

 

 

198

 

 

5 years

Property, plant, and equipment, gross

 

 

5,970

 

 

 

5,246

 

 

 

Accumulated depreciation

 

 

(4,652

)

 

 

(4,511

)

 

 

Property, plant and equipment, net

 

$

1,318

 

 

$

735

 

 

 

 

On July 31, 2020, the Company exercised its option to purchase its 95-97 Park Road office location in Queensbury, NY for $460.3, pursuant to the terms of the lease agreement dated September 17, 2018, as amended on January 29, 2019 and further amended on July 31, 2020.

 

Depreciation expense for the three and nine months ended September 30, 2020 was approximately $32.7 and $124.7 as compared to approximately $45.8 and $168.0 for the same periods in 2019.