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Property and Equipment
 12 Months Ended
Dec. 31, 2023
Property and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

Note 5. PROPERTY AND EQUIPMENT

 

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

 

   December 31,   December 31,    
   2023   2022    
Land  $300,000   $300,000  
Buildings and Improvements   2,206,000    1,789,000   31.5 years
Machinery and Equipment   24,552,000    23,566,000   5 - 8 years
Tools and Instruments   14,314,000    13,744,000   1.5 - 7 years
Automotive Equipment   266,000    266,000   5 years
Furniture and Fixtures   299,000    290,000   5 - 8 years
Leasehold Improvements   1,025,000    941,000   Term of lease
Computers and Software   605,000    604,000   4 - 6 years
Total Property and Equipment   43,567,000    41,500,000    
Less: Accumulated Depreciation   (35,519,000)   (33,282,000)   
Property and Equipment, net  $8,048,000   $8,218,000    

 

Depreciation expense for the years ended December 31, 2023 and 2022 was approximately $2,268,000 and $2,522,000, respectively. Assets held under finance lease obligations are depreciated over the shorter of their related lease terms or their estimated productive lives.