Property and Equipment

6 Months Ended

Jun. 30, 2021

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

Note 3. PROPERTY AND EQUIPMENT

The components of property and equipment at June 30, 2021 and December 31, 2020 consisted of the following:

	June 30,			December 31,
	2021			2020
	(unaudited)
Land	$	300,000		$	300,000
Buildings and Improvements		1,728,000			1,683,000		31.50 years
Machinery and Equipment		21,870,000			21,738,000		5 - 8 years
Finance Lease Machinery and Equipment		78,000			78,000		5 - 8 years
Tools and Instruments		12,417,000			12,116,000		1.50 - 7 years
Automotive Equipment		148,000			148,000		5 years
Furniture and Fixtures		290,000			290,000		5 - 8 years
Leasehold Improvements		861,000			855,000		Term of Lease
Computers and Software		583,000			436,000		4 - 6 years
Total Property and Equipment		38,275,000			37,644,000
Less: Accumulated Depreciation		(29,480,000	)		(28,063,000	)
Property and Equipment, net	$	8,795,000		$	9,581,000

Depreciation expense for the three months ended June 30, 2021 and 2020 was $704,000 and $688,000, respectively. Depreciation expense for the six months ended June 30, 2021 and 2020 was $1,417,000 and $1,344,000, respectively.

Assets held under financed lease obligations are depreciated over the shorter of their related lease terms or their estimated productive lives. Depreciation of assets under finance leases is included in depreciation expense for 2021 and 2020. Accumulated depreciation on these assets was approximately $31,000 and $28,000 as of June 30, 2021 and December 31, 2020, respectively.