Quarterly report pursuant to Section 13 or 15(d)

Property, Plant and Equipment

v3.20.2
Property, Plant and Equipment
 6 Months Ended
Jun. 30, 2020
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment

Note 3 – Property, Plant and Equipment

 

The components of property and equipment are as follows (in thousands):

 

    June 30, 2020     December 31, 2019     Estimated Useful Life
Land   $ 352     $ 504      
Building improvements     3,107       3,113     10-39 years
Machinery     4,384       4,285     3-7 years
Computer equipment     462       472     3-5 years
Furniture and fixtures     207       207     5 years
      8,512       8,581      
Less: accumulated depreciation     (6,379 )     (6,251 )    
Total property, plant and equipment, net   $ 2,133     $ 2,329      

 

Depreciation expense incurred for the six months ended June 30, 2020 and 2019 was $167,000 and $202,000, respectively. During the six months ended June 30, 2020, we wrote off fully depreciated assets and accumulated depreciation totaling $38,000.

 

On June 27, 2020, we initiated negotiations to sell our Doylestown property. As a result the Doylestown building and land were classified as assets held for sale on our condensed consolidated balance sheet at June 30, 2020. We reported the assets held for sale at the lower of the carrying amount or fair value, less estimated costs to sell. On July 10, 2020, we entered into a Purchase and Sale Agreement to sell our Doylestown property.