Note 3. Property, Equipment and Leasehold Improvements

Property, equipment and leasehold improvements are summarized as follows:


	August 31,
	2019		2018
Held for use:
Machinery and equipment	$	8,739,000	$	7,903,000
Furniture and fixtures		1,112,000		1,013,000
Vehicles		155,000		155,000
Leasehold improvements		2,514,000		2,495,000
Land		—		1,717,000
Building		—		5,490,000
Construction in progress		820,000		—
Total held for use		13,340,000		18,773,000
Less: accumulated depreciation and amortization		(9,623,000)		(8,926,000)
Total property, equipment, and leasehold improvements held for use, net		3,717,000		9,847,000
Held for sale:
Land		1,716,000		—
Building		5,489,000		—
Total held for sale		7,205,000		—
Less: accumulated depreciation and amortization		(350,000)		—
Total property, equipment, and leasehold improvements held for sale, net		6,855,000		—
Total property, equipment, and leasehold improvements, net	$	10,572,000	$	9,847,000

On May 19, 2017, the Company purchased the Lakeview Property from the Glen F. Ceiley and Barbara A. Ceiley Revocable Trust (the “Trust”), which is the grantor trust of Glen Ceiley, the Company’s Chief Executive Officer, Chairman of the Board and majority shareholder. The total purchase price of the Lakeview Property was $7,200,000, which was the market price at the time of purchase supported by an independent appraiser. The purchase of the property was financed through borrowings on the line of credit of $1,800,000 and a term loan with the Bank. See Notes 4 and 11.

During fiscal 2019, the Company started construction of leasehold improvements on the Hunter Property, which will serve as the Company's new corporate headquarters. The Company entered into a loan agreement with the Bank to borrow up to $5 million from the Construction Loan for the primary purpose of financing tenant improvements on the Hunter Property. Interest incurred during the construction of the leasehold improvements was capitalized as part of the cost of the leasehold improvements and recorded on the balance sheet, See Note 4.

The Company plans to move its corporate headquarters during January 2020 to the Hunter Facility, which is significantly larger than our current headquarters. The Company expects to incur higher capital expenses during the first and second quarter of fiscal year 2020 for capital costs for tenant improvements to modify this facility to meet the Company's requirements.

For the years ended August 31, 2019 and 2018, depreciation and amortization expense was $1,047,000 and $1,009,000, respectively.