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Property and Equipment

12 Months Ended

Dec. 31, 2018

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

Note 6. PROPERTY AND EQUIPMENT

The components of property and equipment at December 31, consisted of the following:

		December 31,				December 31,
		2018				2017
Land		$	300,000			$	300,000
Buildings and Improvements			1,708,000				1,650,000				31.5 years
Machinery and Equipment			11,579,000				11,554,000				5 - 8 years
Capital Lease Machinery and Equipment			6,495,000				6,534,000				5 - 8 years
Tools and Instruments			9,882,000				8,538,000				1.5 - 7 years
Automotive Equipment			177,000				172,000				5 years
Furniture and Fixtures			303,000				311,000				5 - 8 years
Leasehold Improvements			520,000				528,000				Term of Lease
Computers and Software			425,000				406,000				4 - 6 years
Total Property and Equipment			31,389,000				29,993,000
Less: Accumulated Depreciation			(22,612,000	)			(19,943,000	)
Property and Equipment, net		$	8,777,000			$	10,050,000

Depreciation expense for the years ended December 31, 2018 and 2017 was approximately $2,720,000 and $2,548,000, 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 $4,827,000 and $3,595,000 as of December 31, 2018 and 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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