Property, Plant and Equipment

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment

Property, Plant and Equipment

4. Property, Plant and Equipment

	September 30,		December 31,
	2023		2022
	($000’s omitted)
Buildings	$	8,411	$	7,838
Machinery, equipment and tooling		15,305		14,526
Construction in progress		257		1,002
		23,973		23,366
Less accumulated depreciation and amortization		(16,801)		(16,011)
Total property, plant and equipment	$	7,172	$	7,355

Depreciation and amortization expense amounted to approximately $272,000 and $230,000 for the three-months ended September 30, 2023 and 2022, respectively. Amortization expense primarily related to Right of Use (“ROU”) assets amounted to approximately $6,000 and $6,000 for the three months ended September 30, 2023 and 2022, respectively. Depreciation and amortization expense amounted to approximately $790,000 and $751,000 for the nine-months ended September 30, 2023 and 2022, respectively. Amortization expense, primarily related to ROU assets, amounted to approximately $18,000 and $18,000 for the nine-months ended September 30, 2023 and 2022, respectively.

The Company’s ROU assets included in machinery, equipment and tooling had a net book value of approximately $166,000 as of September 30, 2023 ($185,000 as of December 31, 2022).

As of September 30, 2023, there is approximately $257,000 ($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 $248,000 in CIP for machinery and equipment and approximately $9,000 for building improvements at the Advanced Technology Group.