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Property and Equipment
 9 Months Ended
Sep. 30, 2024
Property and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

Note 3. PROPERTY AND EQUIPMENT

 

The components of property and equipment at September 30, 2024 and December 31, 2023 consisted of the following:

 

   September 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   25,416,000    24,552,000    5 - 8 years 
Tools and Instruments   14,805,000    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   45,529,000    43,567,000      
Less: Accumulated Depreciation   (37,008,000)   (35,519,000)     
Property and Equipment, net  $8,521,000   $8,048,000      

 

Depreciation expense for the three months ended September 30, 2024 and 2023 was $511,000 and $614,000, respectively. Depreciation expense for the nine months ended September 30, 2024 and 2023 was $1,533,000 and $1,807,000, respectively. Assets held under financed lease obligations are depreciated over the shorter of their related lease terms or their estimated productive lives.