Property and Equipment

6 Months Ended

Jun. 30, 2024

Property and Equipment [Abstract]

PROPERTY AND EQUIPMENT

Note 3. PROPERTY AND EQUIPMENT

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

	June 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		25,402,000			24,552,000		5 - 8 years
Tools and Instruments		14,550,000			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		45,260,000			43,567,000
Less: Accumulated Depreciation		(36,497,000	)		(35,519,000	)
Property and Equipment, net	$	8,763,000		$	8,048,000

Depreciation expense for the three months ended June 30, 2024 and 2023 was approximately $495,000 and $610,000, respectively. Depreciation expense for the six months ended June 30, 2024 and 2023 was approximately $1,022,000 and $1,214,000, respectively. Assets held under finance lease obligations are depreciated over the shorter of their related lease terms or their estimated productive lives.