4. Property and Equipment

12 Months Ended

Dec. 31, 2014

4. PROPERTY AND EQUIPMENT

Property and equipment consisted of the following at December 31:

	2014	2013	Depreciation and Amortization Est. Useful Lives
	(in thousands)

Land	$538	$538
Buildings	4,141	4,141	39 Years
Leasehold Improvements	352	363	3-10 Years (Lesser of Life or Lease)
Equipment	9,323	9,168	3-10 Years
	14,354	14,210
Accumulated Depreciation	(9,871)	(9,448)
Property and Equipment - Net	$ 4,483	$ 4,762

The above amounts include approximately $188,000 of capital related items at December 31, 2014 and $36,000 at December 31, 2013 that had not yet been placed in service by the Company, and therefore no depreciation was recorded in the related periods for those assets. Depreciation and amortization expense was approximately $486,000 and $547,000 for the years ended December 31, 2014 and 2013, respectively.

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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