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PROPERTY AND EQUIPMENT
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

4. PROPERTY AND EQUIPMENT

 

Property and equipment consisted of the following As of December 31:

   2023   2022  

Depreciation and Amortization Est.

Useful Lives

   (in thousands)    
Land  $1,205   $1,205    
Buildings   6,640    6,640   39 Years
Leasehold Improvements   403    396   3-10 Years (Lesser of Life or Lease)
Equipment   17,143    15,448   3-10 Years
Property and Equipment - Gross   25,391    23,689    
Accumulated Depreciation   (16,440)   (15,285)   
Property and Equipment - Net  $8,951   $8,404    

 

The above amounts include capital related items of $1,349,000 and $535,000 as of December 31, 2023 and 2022, respectively, which had not yet been placed in service by the Company, and therefore no depreciation was recorded in the related periods for those assets. Depreciation and amortization expense was approximately $1,099,000, $1,096,000, and $1,020,000 for the years ended December 31, 2023, 2022 and 2021, respectively.