XML 22 R11.htm IDEA: XBRL DOCUMENT v3.23.1
Note 5 - Property, Plant and Equipment
 12 Months Ended
Dec. 31, 2022
Notes to Financial Statements  
Property, Plant and Equipment Disclosure [Text Block]

Note 5 – Property, Plant and Equipment

 

Major classes of property, plant and equipment consist of the following as of December 31 (in thousands):

 

   

2022

    

2021

  
                 

Land

   $ 2,220     $ 2,220  

Buildings and improvements

     12,530       12,477  

Machinery and equipment

     7,810       6,879  

Construction in progress

     12       127  

Totals at cost

     22,572       21,703  
                 

Less: accumulated depreciation

     (9,976 )     (9,441 )

Property, plant and equipment, net

   $ 12,596     $ 12,261  

 

Machinery and equipment also includes furniture and fixtures and software.

 

Depreciation expense was $0.8 million and $0.6 million for the years ended December 31, 2022 and 2021, respectively.

 

On March 29, 2021, the Company entered into an agreement with a third party for the sale of its facility located at 555 S. Technology Drive in Central Islip, New York (the “555 Building”), and on July 26, 2021, the Company closed on the sale. The sale price was $24.4 million, subject to adjustment for apportionments, adjustments, and credits. A portion of the sale proceeds was used to satisfy the existing mortgage debt on the 555 Building, including interest and fees, in the amount of $9.4 million, as well as various costs related to the closing of the transaction. The Company recognized a gain on the sale of the building in the amount of $6.9 million and received approximately $14.0 million in net proceeds.

 

Management had determined the 555 Building was not needed for business operations, and the remaining elements of the CVD Materials business located in the 555 Building were consolidated into the 355 Building.