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PROPERTY AND EQUIPMENT

6 Months Ended

12 Months Ended

Jun. 30, 2012

Dec. 31, 2011

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

Note 5. PROPERTY AND EQUIPMENT

The components of property and equipment consisted of the following:

		June 30,				December 31,
		2012				2011
		(Unaudited)
Machinery and Equipment		$	5,501,000			$	3,700,000		5 - 8 years
Capital Lease Machinery and Equipment			3,877,000				3,877,000		5 - 8 years
Tools and Instruments			3,456,000				3,417,000		1.5 - 7 years
Automotive Equipment			55,000				55,000		5 years
Furniture and Fixtures			231,000				219,000		5 - 8 years
Leasehold Improvements			612,000				595,000		Term of Lease
Computers and Software			173,000				158,000		4-6 years
Total Property and Equipment			13,905,000				12,021,000
Less: Accumulated Depreciation			(8,765,000	)			(8,050,000	)
Property and Equipment, net		$	5,140,000			$	3,971,000

Depreciation expense for the three months ended June 30, 2012 and 2011 were approximately $359,000 and $379,000, respectively. Depreciation expense for the six months ended June 30, 2012 and 2011 were approximately $715,000 and $791,000, respectively.

Note 5. PROPERTY AND EQUIPMENT

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

		2011				2010

Machinery and Equipment		$	3,700,000			$	3,483,000			5 - 8 years
Capital Lease Machinery and Equipment			3,877,000				2,695,000			5 - 8 years
Tools and Instruments			3,417,000				3,105,000			1.5 - 7 years
Automotive Equipment			55,000				55,000			5 years
Furniture and Fixtures			219,000				212,000			5 - 8 years
Leasehold Improvements			595,000				595,000			Term of Lease
Computers and Software			158,000				158,000			4-6 years
Deposit on new Machinery			-				192,000
Total Property and Equipment			12,021,000				10,495,000
Less: Accumulated Depreciation			(8,050,000	)			(6,560,000	)
Property and Equipment, net		$	3,971,000			$	3,935,000

Depreciation expense for the year ended December 31, 2011 and 2010 were approximately $1,503,000 and $1,767,000, respectively.

In May 2011, the Company acquired new machinery in the amount of $1,182,000. The Company paid $355,000 in cash and the balance was financed by a new capital lease in the amount of $827,000.

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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