Quarterly report pursuant to Section 13 or 15(d)

Property, Plant and Equipment

v2.3.0.15
Property, Plant and Equipment
 9 Months Ended
Sep. 30, 2011
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT
NOTE 5 — PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment, net is comprised of the following (in thousands):
                 
    September 30,     December 31,  
    2011     2010  
             
Land
  $ 259     $ 252  
Building
    333       324  
Leasehold improvements
    969       914  
Equipment and computers
    5,862       5,767  
Furniture and fixtures
    1,036       1,019  
Construction in progress
    21       55  
 
           
 
    8,480       8,331  
Accumulated depreciation and amortization
    (7,312 )     (7,000 )
 
           
Property, plant and equipment, net
  $ 1,168     $ 1,331  
 
           
Depreciation and amortization of property, plant and equipment was $118,000 and $464,000 for the three and nine months ended September 30, 2011, respectively, and $226,000 and $732,000 for the three and nine months ended September 30, 2010, respectively.
During the year ended December 31, 2010, management adopted a plan to sell its German building and land. In June 2010, the Company received an offer to purchase the land and building in Germany for €435,000, or $531,000 and, as such, the Company recorded an impairment charge of €28,000, or $35,000, as the fair market value was below the carrying value. Fully depreciated assets totaling €231,000, or $282,000, which were no longer usable, were also written off in June 2010. Assets Held for Sale as of December 31, 2010 totaled $576,000. During April 2011, management announced its decision to expand the Company’s operations in Europe which includes utilizing the land and building in Germany. As such, the land and building were reclassified from Assets Held for Sale to Property, Plant, and Equipment as of September 30, 2011 and December 31, 2010.