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Property and Equipment
 9 Months Ended
Sep. 30, 2022
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

Note 3. PROPERTY AND EQUIPMENT

 

The components of property and equipment at September 30, 2022 and December 31, 2021 consisted of the following:

 

   September 30,   December 31, 
   2022   2021 
Land  $300,000   $300,000 
Buildings and Improvements   1,945,000    1,723,000 
Machinery and Equipment   23,055,000    22,013,000 
Finance Lease Machinery and Equipment   375,000    375,000 
Tools and Instruments   13,495,000    12,866,000 
Automotive Equipment   266,000    200,000 
Furniture and Fixtures   290,000    290,000 
Leasehold Improvements   882,000    882,000 
Computers and Software   604,000    583,000 
Total Property and Equipment   41,212,000    39,232,000 
Less: Accumulated Depreciation   (32,734,000)   (30,828,000)
Property and Equipment, net  $8,478,000   $8,404,000 

 

Depreciation expense for the three months ended September 30, 2022 and 2021 was $598,000 and $688,000, respectively. Depreciation expense for the nine months ended September 30, 2022 and 2021 was $1,906,000 and $2,105,000, 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 2022 and 2021. Accumulated depreciation on these assets was approximately $12,000 and $32,000 as of September 30, 2022 and December 31, 2021, respectively.