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Property and Equipment

6 Months Ended

Jun. 30, 2018

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

Note 3. PROPERTY AND EQUIPMENT

The components of property and equipment at June 30, 2018 and December 31, 2017 consisted of the following:

		June 30,				December 31,
		2018				2017
		(unaudited)
Land		$	300,000			$	300,000
Buildings and Improvements			1,650,000				1,650,000			31.5 years
Machinery and Equipment			13,430,000				13,414,000			5 - 8 years
Capital Lease Machinery and Equipment			6,534,000				6,534,000			5 - 8 years
Tools and Instruments			9,029,000				8,538,000			1.5 - 7 years
Automotive Equipment			172,000				172,000			5 years
Furniture and Fixtures			443,000				438,000			5 - 8 years
Leasehold Improvements			997,000				997,000			Term of Lease
Computers and Software			519,000				519,000			4 - 6 years
Total Property and Equipment			33,074,000				32,562,000
Less: Accumulated Depreciation			(23,078,000	)			(21,634,000	)
Property and Equipment, net		$	9,996,000			$	10,928,000

Depreciation expense for the three months ended June 30, 2018 and 2017 was $722,000 and $714,000, respectively. Depreciation expense for the six months ended June 30, 2018 and 2017 was $1,444,000 and $1,442,000, respectively.

Assets held under capitalized lease obligations are depreciated over the shorter of their related lease terms or their estimated productive lives. Depreciation of assets under capital leases is included in depreciation expense for 2018 and 2017. Accumulated depreciation on these assets was approximately $4,246,000 and $3,595,000 as of June 30, 2018 and December 31, 2017, respectively.

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- References

No definition available.

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- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-URI http://asc.fasb.org/topic&trid=2155823

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