Property, Plant and Equipment

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment

Property, Plant and Equipment

4.           Property, Plant and Equipment

	March 31,		December 31,
	2023		2022
	($000’s omitted)
Land	$	7	$	7
Buildings		11,886		11,843
Machinery, equipment and tooling		21,216		20,757
Construction in progress		1,023		1,087
		34,132		33,694
Less accumulated depreciation and amortization		(23,342)		(23,038)
Total property, plant and equipment	$	10,790	$	10,656

Depreciation and amortization expense amounted to approximately $306,000 and $313,000 for each of the three months ended March 31, 2023 and March 31, 2022, respectively. Depreciation expense amounted to approximately $298,000 and $305,000 for the three months ended March 31, 2023 and March 31, 2022, respectively. Amortization expense primarily related to capital leases amounted to approximately $8,000 for each of the three months ended March 31, 2023 and March 31, 2022.

The Company’s Right of Use (“ROU”) assets included in machinery, equipment and tooling had a net book value of approximately $178,000 as of March 31, 2023 ($185,000- December 31, 2022).

As of March 31, 2023, there is approximately $1,023,000 ($1,087,000 – December 31, 2022) of construction in progress (CIP) included in property, plant and equipment all of which is related to capital projects.  There is approximately $384,000 in CIP for the machinery and equipment and approximately $639,000 for building improvements at the Advance Technology Group.