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v3.23.3

Property and Equipment | 9 Months Ended
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Sep. 30, 2023
Property and Equipment [Abstract] |
PROPERTY AND EQUIPMENT | Note 3. PROPERTY AND EQUIPMENT The components of property and equipment at September 30, 2023 and December 31, 2022 consisted of the following:
|  | September 30, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Land |  | $ | 300,000 |  |  | $ | 300,000 |
Buildings and Improvements |  |  | 2,206,000 |  |  |  | 1,789,000 |
Machinery and Equipment |  |  | 24,681,000 |  |  |  | 23,566,000 |
Finance Lease Right-of-Use Assets - Machinery and Equipment |  |  | 1,054,000 |  |  |  | 375,000 |
Tools and Instruments |  |  | 13,972,000 |  |  |  | 13,744,000 |
Automotive Equipment |  |  | 266,000 |  |  |  | 266,000 |
Furniture and Fixtures |  |  | 310,000 |  |  |  | 290,000 |
Leasehold Improvements |  |  | 1,025,000 |  |  |  | 941,000 |
Computers and Software |  |  | 605,000 |  |  |  | 604,000 |
Total Property and Equipment |  |  | 44,419,000 |  |  |  | 41,875,000 |
Less: Accumulated Depreciation |  |  | (35,134,000 | ) |  |  | (33,282,000 | )
Property and Equipment, net |  | $ | 9,285,000 |  |  | $ | 8,593,000 |
Depreciation expense for the three months ended September 30, 2023 and 2022 was $614,000 and $598,000, respectively. Depreciation expense for the nine months ended September 30, 2023 and 2022 was $1,853,000 and $1,906,000, 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. Accumulated depreciation on these assets was approximately $46,000 and $0 as of September 30, 2023 and December 31, 2022, respectively.

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