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Property and Equipment
 9 Months Ended
Sep. 30, 2020
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

Note 4. PROPERTY AND EQUIPMENT

 

The components of property and equipment at September 30, 2020 and December 31, 2019 consisted of the following:

 

   September 30,   December 31,    
   2020   2019    
   (unaudited)        
Land  $300,000   $300,000    
Buildings and Improvements   1,650,000    1,650,000   31.50 years
Machinery and Equipment   14,861,000    12,251,000   5 - 8 years
Finance Lease Machinery and Equipment   6,546,000    6,495,000   5 - 8 years
Tools and Instruments   11,612,000    11,021,000   1.50 - 7 years
Automotive Equipment   148,000    177,000   5 years
Furniture and Fixtures   290,000    290,000   5 - 8 years
Leasehold Improvements   530,000    530,000   Term of Lease
Computers and Software   436,000    425,000   4 - 6 years
Total Property and Equipment   36,373,000    33,139,000    
Less: Accumulated Depreciation   (27,466,000)   (25,561,000)   
Property and Equipment, net  $8,907,000   $7,578,000    

 

Depreciation expense for the three months ended September 30, 2020 and 2019 was $576,000 and $712,000, respectively. Depreciation expense for the nine months ended September 30, 2020 and 2019 was $1,920,000 and $2,085,000, respectively.

 

Assets held under financed lease obligations are depreciated over the shorter of their related lease terms or their estimated productive lives. Depreciation of assets under finance leases is included in depreciation expense for 2020 and 2019. Accumulated depreciation on these assets was approximately $6,359,000 and $5,936,000 as of September 30, 2020 and December 31, 2019, respectively.