Property, Plant and Equipment

9 Months Ended

Sep. 30, 2017

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

4. Property, Plant and Equipment

	September 30,			December 31,
	2017			2016
	($000's ommitted)
Land	$	7		$	21
Buildings		10,144			10,422
Machinery, equipment and tooling		16,285			15,826
Construction in progress		1,544			77
		27,980			26,346
Less accumulated depreciation		(16,959	)		(16,409	)
	$	11,021		$	9,937

As previously disclosed, the Company through a wholly-owned subsidiary, entered into a contract to sell unused commercial real property in Franklinville, New York for approximately $180,000. The sale transaction closed on March 9, 2017 and the wholly-owned subsidiary recognized a de minimis loss on the sale.

The Company has purchased and received two pieces of equipment in the amount of approximately $688,000. Both pieces of equipment will be paid using the Company’s new lease line of credit for equipment financing dated August 17, 2017. As of September 30, 2017 neither piece of equipment has been put into service.

Depreciation and amortization expense amounted to approximately $637,000 and $610,000 for the nine months ended September 30, 2017 and 2016, respectively. Depreciation and amortization expense amounted to approximately $209,000 and $198,000 for the three months ended September 30, 2017 and 2016, respectively. The Company believes that it maintains property and casualty insurance in amounts adequate for the risk and nature of its assets and operations and which are generally customary in its industry.

As of September 30, 2017, there is approximately $1,544,000 ($77,000 – 2016) of construction in progress included in property, plant and equipment primarily related to capital projects at the Advanced Technology Group (“ATG”), including the equipment covered under the equipment financing agreement. See Note 7, Commitments and Contingencies, for more information on anticipated capital expenditures.