Property Plant and Equipment and Investment in Real Estate, Net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property Plant and Equipment and Investment in Real Estate, Net

9. PROPERTY PLANT AND EQUIPMENT AND INVESTMENT IN REAL ESTATE, NET

Property, plant and equipment consisted of the following as of December 31, 2023:

	Estimated
	Useful Life	2023		2022
Machinery and equipment	5-10 years	$	9,974,000	$	9,170,000
Building and improvements	39 years		294,000		5,103,000
Land			-		1,817,000
Furniture and fixtures	7 years		432,000		501,000
Software and websites	3 years		273,000		320,000
Construction in progress			365,000		667,000
Total Cost			11,338,000		17,578,000
Less accumulated depreciation			4,921,000		4,187,000
Property, plant and equipment, net		$	6,417,000	$	13,391,000

Depreciation expense for the years ended December 31, 2023 and 2022 was $802,000 and $1,569,000 respectively.

Real Estate consisted of the following at December 31:

	Estimated
	Useful Life	2023		2022
Building and improvements	1-30 years	$	5,273,000	$	42,665,000
Land			1,600,000		14,861,000
Total Cost			6,873,000		57,526,000
Less: accumulated depreciation			594,000		2,497,000
		$	6,279,000	$	55,029,000

Depreciation expense for the years ended December 31, 2023 and 2022 was $2,085,000 and $2,077,000 respectively.