PROPERTY AND EQUIPMENT

3 Months Ended

Mar. 31, 2017

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

The components of property and equipment at March 31, 2017 and December 31, 2016 consisted of the following:

	March 31, 2017			December 31, 2016
		(Unaudited)
Land	$	300,000		$	300,000
Buildings and Improvements		1,672,000			1,650,000		31.5 years
Machinery and Equipment		14,062,000			14,032,000		5 - 8 years
Capital Lease Machinery and Equipment		5,573,000			5,573,000		3 - 5 years
Tools and Instruments		7,554,000			7,520,000		1.5 - 7 years
Automotive Equipment		195,000			195,000		5 years
Furniture and Fixtures		438,000			438,000		5 - 8 years
Leasehold Improvements		969,000			966,000		Term of Lease
Computers and Software		519,000			519,000		4 - 6 years
Total Property and Equipment		31,282,000			31,193,000
Less: Accumulated Depreciation		(19,702,000	)		(18,974,000	)
Property and Equipment, net	$	11,580,000		$	12,219,000

Depreciation expense for the three months ended March 31, 2017 and 2016 was approximately $768,000 and $904,000, respectively.

Assets held under capitalized lease obligations are depreciated over the shorter of their related lease terms or their estimated productive lives. Depreciation of assets under capital leases is included in depreciation expense for 2017 and 2016. Accumulated depreciation on these assets was approximately $2,630,000 and $2,320,000 as of March 31, 2017 and December 31, 2016, respectively.