Property, Plant and Equipment

3 Months Ended

Mar. 31, 2016

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

Note 5 – Property, Plant and Equipment

Property, plant and equipment consists of the following:

	March 31 2016		December 31 2015
In thousands
Land, buildings and improvements	$	-	$	1,256
Machinery, fixtures and equipment		961		878
Leaseholds and improvements		25		25
		986		2,159
Less accumulated depreciation		506		1,003
Net property, plant and equipment	$	480	$	1,156

Land, buildings and equipment having a net book value of $1.1 million at December 31, 2015 were pledged as collateral under the mortgage on its facility in Des Moines, Iowa.

On February 1, 2016, the Company sold its Des Moines, Iowa facility for $1.1 million in a sale/leaseback transaction. The lease is for a two year period at an annual rental of $158,000. As a result of the sale, the remaining $329,000 mortgage was paid in full. Net proceeds of $661,000 were received after paying off the related mortgage. The Company calculated a gain of $267,000, which will be recognized over the 24 month term of the lease. As of March 31, 2016, $22,000 of the gain has been recognized.

Depreciation expense for property, plant and equipment for the three months ended March 31, 2016 and 2015 was $36,000 and $40,000, respectively.