Property, Plant and Equipment

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment

Property, Plant and Equipment

4.           Property, Plant and Equipment

	June 30,		December 31,
	2023		2022
	($000’s omitted)
Buildings	$	8,337	$	7,838
Machinery, equipment and tooling		15,216		14,526
Construction in progress		217		1,002
		23,770		23,366
Less accumulated depreciation and amortization		(16,528)		(16,011)
Total property, plant and equipment	$	7,242	$	7,355

Depreciation and amortization expense amounted to approximately $260,000 and $241,000 for the three-months ended June 30, 2023 and 2022, respectively. Amortization expense primarily related to Right of Use (“ROU”) assets amounted to approximately $7,000 and $8,000 for the three months ended June 30, 2023 and 2022, respectively. Depreciation and amortization expense amounted to approximately $517,000 and $485,000 for the six-months ended June 30, 2023 and 2022, respectively. Amortization expense, primarily related to ROU assets, amounted to approximately $12,000 and $12,000 for the six-months ended June 30, 2023 and 2022, respectively.

The Company’s ROU assets included in machinery, equipment and tooling had a net book value of approximately $172,000 as of June 30, 2023 ($185,000 as of December 31, 2022).

As of June 30, 2023, there is approximately $217,000 ($1,002,000 as of 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 $135,000 in CIP for machinery and equipment and approximately $82,000 for building improvements at the Advanced Technology Group.