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Note 3 - Property and Equipment
12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Property, Plant and Equipment Disclosure [Text Block]

NOTE 3 PROPERTY AND EQUIPMENT

 

Property and equipment consists of the following:

 

  

December 31,

 
  

2023

  

2022

 

Medical equipment and facilities

 $77,150,000  $73,709,000 

Office equipment

  306,000   422,000 

Construction in progress

  3,771,000   106,000 
   81,227,000   74,237,000 

Accumulated depreciation

  (55,383,000)  (50,770,000)

Net property and equipment

 $25,844,000  $23,467,000 

 

As of December 31, 2023 and 2022, approximately $3,966,000 and $2,201,000, respectively, of the net property and equipment balance is outside of the United States.  Depreciation expense recorded in costs of revenue and selling and administrative expense in the consolidated statements of income for the years ended  December 31, 2023 and 2022, was $5,165,000 and $4,783,000, respectively.

 

As of October 1, 2022, the Company reduced its estimate for salvage value for one of its domestic Gamma Knife Perfexion units.  As of January 1, 2023, the Company reduced its estimated useful life for one of its direct patient services Gamma Knife units. The net effect of the change in estimate made January 1, 2023, for the year ended  December 31, 2023, was a decrease in net income of approximately $207,000 or $0.03 per diluted share. This change in estimate also impacts future periods.

 

As of December 31, 2023 and 2022, the Company recognized a loss on the write down of impaired assets of $940,000 and $0, respectively. The impairment as of  December 31, 2023 was related to cash flow impairment for one of the Company’s Gamma Knife units and estimated removal costs of the two Gamma Knife contracts that expired during the year. The Company reviewed its Gamma Knife equipment, in light of available information as of December 31, 2022 and concluded no impairment existed. The Company reviewed it’s PBRT equipment, in light of available information as of December 31, 2023 and 2022 and concluded no impairment exists.