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PROPERTY AND EQUIPMENT
 6 Months Ended
Jun. 30, 2020
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT PROPERTY AND EQUIPMENT, NET
Property and equipment, net, consisted of the following (in thousands):
 June 30, 2020December 31, 2019
Land$2,385  $694  
Building11,887  3,845  
Machinery and equipment37,293  28,777  
Office furniture and equipment1,995  1,345  
Computer hardware and software4,480  3,408  
Leasehold and building improvements10,660  10,558  
Construction in progress86  671  
Property and equipment, gross68,786  49,298  
Less accumulated depreciation (34,913) (33,829) 
Total property and equipment, net$33,873  $15,469  
The Company has subscription agreements whereby its instruments in inventory may be placed at a customer's location on a rental basis. The cost of these instruments is transferred to machinery and equipment and depreciated, typically over a 5 to 7 year period depending on the circumstance under which the instrument is placed with the customer. Our cost of instruments under operating leases as of June 30, 2020 and December 31, 2019, was $7.9 million and $8.1 million, respectively, before accumulated depreciation of $4.4 million and $4.6 million, respectively.
Depreciation expense was $1.7 million and $0.9 million for the three months ended June 30, 2020 and 2019, respectively, and $2.7 million and $1.9 million for the six months ended June 30, 2020 and 2019, respectively.