Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

v3.24.2.u1
PROPERTY AND EQUIPMENT
 6 Months Ended
Jun. 30, 2024
PROPERTY AND EQUIPMENT  
PROPERTY AND EQUIPMENT

5. PROPERTY AND EQUIPMENT

 

A reconciliation of the beginning and ending balances of property and equipment and accumulated depreciation during the six months ended June 30, 2024 and property and equipment, net as of December 31, 2023, are as follows:

 

 

 

Leasehold

 

 

Furniture

 

 

 

 

 

 

 

 

Construction

 

 

Right of

 

 

 

 

(in thousands)

 

Improvements

 

 

and Fixtures

 

 

Equipment

 

 

Vehicles

 

 

in Process

 

 

Use Assets

 

 

Total

 

Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance-December 31, 2023

 

 $ 2,116

 

 

 $ 50

 

 

 $ 5,295

 

 

 $ 830

 

 

 $ 35

 

 

 $ 21,317

 

 

 $ 29,643

 

Additions

 

 

 -

 

 

 

 -

 

 

 

 -

 

 

 

 -

 

 

 

 -

 

 

 

 -

 

 

 

 -

 

Disposals

 

 

 -

 

 

 

 -

 

 

 

 -

 

 

 

 -

 

 

 

 -

 

 

 

 -

 

 

 

 -

 

Lease remeasurement

 

 

 -

 

 

 

 -

 

 

 

 -

 

 

 

 -

 

 

 

 -

 

 

 

 -

 

 

 

 -

 

Balance – June 30, 2024

 

 $ 2,116

 

 

 $ 50

 

 

 $ 5,295

 

 

 $ 830

 

 

 $ 35

 

 

 $ 21,317

 

 

 $ 29,643

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated Depreciation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance - December 31, 2023

 

 $ (1,081 )

 

 $ (49 )

 

 $ (2,353 )

 

 $ (744 )

 

 $ -

 

 

 $ (2,990 )

 

 $ (7,217 )

Depreciation

 

 

 (113 )

 

 

 -

 

 

 

 (412 )

 

 

 (37 )

 

 

 -

 

 

 

 (779 )

 

 

 (1,341 )

Disposals

 

 

 -

 

 

 

 -

 

 

 

 -

 

 

 

 -

 

 

 

 -

 

 

 

 -

 

 

 

 -

 

Balance - June 30, 2024

 

 $ (1,194 )

 

 $ (49 )

 

 $ (2,765 )

 

 $ (781 )

 

 $ -

 

 

 $ (3,769 )

 

 $ (8,558 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Book Value - June 30, 2024

 

 $ 922

 

 

 $ 1

 

 

 $ 2,530

 

 

 $ 49

 

 

 $ 35

 

 

 $ 17,548

 

 

 $ 21,085

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Book Value - December 31, 2023

 

 $ 1,035

 

 

 $ 1

 

 

 $ 2,942

 

 

 $ 86

 

 

 $ 35

 

 

 $ 18,327

 

 

 $ 22,426

 

 

Construction in process represents assets under construction related to cultivation, manufacturing, and distribution facilities not yet completed or otherwise not placed in service.

 

Depreciation expense of $629 and $1,346 were recorded for the three months ended June 30, 2024 and 2023, respectively, of which $605 and $1,318 respectively, were included in cost of goods sold.

 

Depreciation expense of $1,341 and $2,441 were recorded for the six months ended June 30, 2024 and 2023, respectively, of which $1,296 and $2,387 respectively, were included in cost of goods sold.