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Property and Equipment
 9 Months Ended
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.