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Property and Equipment
 3 Months Ended
Mar. 31, 2024
Property and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

Note 3. PROPERTY AND EQUIPMENT

 

The components of property and equipment at March 31, 2024 and December 31, 2023 consisted of the following:

 

   March 31,   December 31,    
   2024   2023    
            
Land  $300,000   $300,000    
Buildings and Improvements   2,605,000    2,206,000   31.5 years
Machinery and Equipment   24,509,000    24,552,000   5 - 8 years
Tools and Instruments   14,368,000    14,314,000   1.5 - 7 years
Automotive Equipment   266,000    266,000   5 years
Furniture and Fixtures   299,000    299,000   5 - 8 years
Leasehold Improvements   1,125,000    1,025,000   Term of lease
Computers and Software   605,000    605,000   4 - 6 years
Total Property and Equipment   44,077,000    43,567,000    
Less: Accumulated Depreciation   (36,046,000)   (35,519,000)   
Property and Equipment, net  $8,031,000   $8,048,000    

 

Depreciation expense for the three months ended March 31, 2024 and 2023 was approximately $527,000 and $604,000, respectively. Assets held under finance lease obligations are depreciated over the shorter of their related lease terms or their estimated productive lives.