Quarterly report pursuant to Section 13 or 15(d)

Property, Plant and Equipment

Property, Plant and Equipment
9 Months Ended
Sep. 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):


    September 30,     December 31,     Estimated Useful
    2020     2019     Life
Land   $ 352     $ 504      
Building improvements     1,729       3,113     10-39 years
Machinery     4,416       4,285     3-7 years
Computer equipment     462       472     3-5 years
Furniture and fixtures     63       207     5 years
      7,022       8,581      
Less: accumulated depreciation     (4,899 )     (6,251 )    
Total property, plant and equipment, net   $ 2,123     $ 2,329      


Depreciation expense incurred for the nine months ended September 30, 2020 and 2019 was $253,000 and $302,000, respectively. During the nine months ended September 30, 2020, we wrote off fully depreciated assets and accumulated depreciation totaling $38,000.


On July 10, 2020, we entered into an Agreement of Sale and Purchase (the “Sale Agreement”) with Lenape Valley Foundation (the “Purchaser”), pursuant to which we agreed to sell our corporate headquarters building located in Doylestown, Pennsylvania to the Purchaser for $2.2 million, with $50,000 placed into an interest-bearing escrow account at the time of signing, and the remainder payable to the Company in cash by wire transfer at the closing of the transaction. The closing of the transaction was subject to the Purchaser’s due diligence investigation and other customary closing conditions. The Sale Agreement contains customary representations, warranties, and covenants by, among, and for the benefit of the parties.


As a result of this pending sale, the Doylestown building and land were classified as assets held for sale on our condensed consolidated balance sheet at September 30, 2020. We reported the assets held for sale at the lower of the carrying amount, less estimated costs to sell. On November 13, 2020, we closed on this sale of our corporate headquarters (see Note 12).