Property, Plant and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment

Property, Plant and Equipment

4.    Property, Plant and Equipment

	Years Ended December 31,
(in thousands)	2023		2022
Buildings and building improvements	$	8,447	$	7,838
Machinery, equipment and tooling		15,503		14,526
Construction in progress		106		1,002
		24,056		23,366
Less accumulated depreciation and amortization		(17,078)		(16,011)
Property, plant and equipment, net	$	6,978	$	7,355

Depreciation and amortization expense amounted to approximately $1,083,000 and $951,000 for the years ended December 31, 2023 and 2022, respectively. Depreciation expense amounted to approximately $1,042,000 and $927,000 for the years ended December 31, 2023 and 2022, respectively. Amortization expense primarily related to equipment financing amounted to approximately $41,000 and $24,000 for years ended December 31, 2023 and 2022, respectively.

The Company’s Right of Use (‘ROU’) assets included in machinery, equipment and tooling had a net book value of approximately $160,000 as of December 31, 2023 ($185,000 as of December 31, 2022).

As of December 31, 2023, there is approximately $106,000 ($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 $93,000 in CIP for machinery and approximately $13,000 for building improvements.