Property, Plant and Equipment

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment

Property, Plant and Equipment

4. Property, Plant and Equipment

	March 31,		December 31,
(in thousands)	2024		2023
Buildings and building improvements	$	8,502	$	8,447
Machinery, equipment and tooling		15,544		15,503
Construction in progress		162		106
		24,208		24,056
Less accumulated depreciation and amortization		(17,349)		(17,078)
Property, plant and equipment, net	$	6,859	$	6,978

Depreciation and amortization expense amounted to approximately $271,000 and $248,000 for the three-month periods ended March 31, 2024 and 2023, respectively. Amortization expense related to Right of Use (“ROU”) assets amounted to approximately $6,000 and $8,000 for the three-month periods ended March 31, 2024 and 2023, respectively.

The Company’s ROU assets included in machinery, equipment and tooling had a net book value of approximately $154,000 and $160,000 as of March 31, 2024 and December 31, 2023, respectively.

As of March 31, 2024, there is approximately $162,000 ($106,000 as of December 31, 2023) of construction in progress included in property, plant and equipment, all of which is related to capital projects for machinery and equipment of $123,000 and building improvements of $39,000.