Property, Plant and Equipment

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Note 4 - Property, Plant and Equipment

Property, plant and equipment are summarized as follows:

	December 31,
	2019			2018
Land	$	-		$	1,000
Building		-			3,361
Machinery and equipment		10,620			10,636
Furniture and fixtures		440			440
Office equipment		2,456			2,401
Building improvements		103			1,458
		13,619			19,296
Less:  Accumulated depreciation and amortization		(13,227	)		(16,406	)
	$	392		$	2,890

Depreciation expense amounted to approximately $171 and $312 during the years ended December 31, 2019 and 2018, respectively.

On February 1, 2019, the Company completed the sale of the Old Bridge Facility to Jake Brown Road, LLC (the "Buyer"). In addition, in connection with the completion of the sale, the Company and the Buyer (as landlord) entered into a lease (the "Lease"), pursuant to which the Company will continue to occupy, and continue to conduct its manufacturing, engineering, sales and administrative functions in the Old Bridge Facility.

The sale of the Old Bridge Facility was made pursuant to an Agreement of Sale dated as of August 3, 2018 as amended and extended (collectively, the "Sale Agreement"). Pursuant to the Sale Agreement, at closing, Buyer paid the Company $10,500. In addition, at closing, the Company advanced to the Buyer the sum of $130, representing a preliminary estimate of the Company's share (as a tenant of the Old Bridge Facility following closing) of property repairs, as contemplated by the Sale Agreement.  The Company recognized a gain of $7,175 in connection with the sale.

The Lease will have an initial term of five years and allows the Company to extend the term for an additional five years following the initial term. The Company is obligated to pay base rent of approximately $837 for the first year of the lease with the amount of base rent adjusted for each subsequent year to equal 102.5% of the preceding year's base rent. The Lease will be accounted for under Topic 842 as described in Note 1.