Property and Equipment

12 Months Ended

Dec. 31, 2022

Property and Equipment [Abstract]

PROPERTY AND EQUIPMENT

Note 5. PROPERTY AND EQUIPMENT

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

	December 31,			December 31,
	2022			2021
Land	$	300,000		$	300,000
Buildings and Improvements		1,789,000			1,723,000
Machinery and Equipment		23,566,000			22,013,000
Finance Lease ROU Assets - Machinery and Equipment		375,000			375,000
Tools and Instruments		13,744,000			12,866,000
Automotive Equipment		266,000			200,000
Furniture and Fixtures		290,000			290,000
Leasehold Improvements		941,000			882,000
Computers and Software		604,000			583,000
Total Property and Equipment		41,875,000			39,232,000
Less: Accumulated Depreciation		(33,282,000	)		(30,828,000	)
Property and Equipment, net	$	8,593,000		$	8,404,000

Depreciation expense for the years ended December 31, 2022 and 2021 was approximately $2,522,000 and $2,803,000, respectively. Assets held under finance 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 2022 and 2021. Accumulated depreciation on these assets was approximately $0 and $36,000 as of December 31, 2022 and 2021, respectively.