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Property and Equipment | 6 Months Ended
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Jun. 30, 2024
Property and Equipment [Abstract] |
PROPERTY AND EQUIPMENT | Note 3. PROPERTY AND EQUIPMENT The components of property and equipment at June 30, 2024 and December 31, 2023 consisted of the following:
|  | June 30, |  |  | December 31, |  |  |
|  | 2024 |  |  | 2023 |  |  |
Land |  | $ | 300,000 |  |  | $ | 300,000 |  |  |
Buildings and Improvements |  |  | 2,712,000 |  |  |  | 2,206,000 |  |  | 31.5 years
Machinery and Equipment |  |  | 25,402,000 |  |  |  | 24,552,000 |  |  | 5 - 8 years
Tools and Instruments |  |  | 14,550,000 |  |  |  | 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 |  |  | 1,126,000 |  |  |  | 1,025,000 |  |  | Term of lease
Computers and Software |  |  | 605,000 |  |  |  | 605,000 |  |  | 4 - 6 years
Total Property and Equipment |  |  | 45,260,000 |  |  |  | 43,567,000 |  |  |
Less: Accumulated Depreciation |  |  | (36,497,000 | ) |  |  | (35,519,000 | ) |  |
Property and Equipment, net |  | $ | 8,763,000 |  |  | $ | 8,048,000 |  |  |
Depreciation expense for the three months ended June 30, 2024 and 2023 was approximately $495,000 and $610,000, respectively. Depreciation expense for the six months ended June 30, 2024 and 2023 was approximately $1,022,000 and $1,214,000, respectively. Assets held under finance lease obligations are depreciated over the shorter of their related lease terms or their estimated productive lives.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-7 + Details
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