Property, Plant and Equipment

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment

Property, Plant and Equipment

4.           Property, Plant and Equipment

	September 30,		December 31,
	2022		2021
	($000’s omitted)
Land	$	7	$	7
Buildings		11,831		11,363
Machinery, equipment and tooling		20,648		20,689
Construction in progress		837		414
		33,323		32,473
Less accumulated depreciation and amortization		(22,765)		(21,916)
Total property, plant and equipment	$	10,558	$	10,557

Depreciation and amortization expense amounted to approximately $294,000 and $329,000 for the three months ended September 30, 2022 and 2021, respectively. Amortization expense primarily related to ROU assets amounted to approximately $8,000 and $8,000 for the three months ended September 30, 2022 and 2021, respectively. Depreciation and amortization expense amounted to approximately $916,000 and $1,043,000 for the nine months ended September 30, 2022 and 2021, respectively. Amortization expense, primarily related to ROU assets, amounted to approximately $23,000 and $42,000 for the nine months ended September 30, 2022 and 2021, respectively. The Company 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, 2022, there is approximately $837,000 ($414,000 – December 31, 2021) of construction in progress (CIP) included in property, plant and equipment all of which is related to capital projects. This includes approximately $418,000 for building improvements ($110,000 - December 2021) and $419,000 in CIP for machinery & equipment ($304,000 – December 2021 ) primarily related to the Advanced Technology Group.