Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

v3.22.2.2
PROPERTY AND EQUIPMENT
 9 Months Ended
Sep. 30, 2022
PROPERTY AND EQUIPMENT  
Property And Equipment

6. PROPERTY AND EQUIPMENT

 

A reconciliation of the beginning and ending balances of property and equipment and accumulated depreciation during the nine months ended September 30, 2022 and property and equipment, net as of December 31, 2021, are as follows:

 

 

 

Land and

 

 

Leasehold

 

 

Furniture

 

 

 

 

 

 

Construction

 

 

Right of

 

 

 

(in thousands)

 

Buildings

 

 

Improvements

 

 

and Fixtures

 

 

Equipment

 

 

Vehicles

 

 

in Process

 

 

Use Assets

 

 

Total

 

Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance-December 31, 2021

 

 $ 15,907

 

 

$ 

 13,950

 

 

 $ 50

 

 

 $ 2,992

 

 

 $ 921

 

 

 $ 703

 

 

 $ 41,530

 

 

 $ 76,053

 

Additions

 

 

 -

 

 

 

 215

 

 

 

 -

 

 

 

 2,142

 

 

 

 -

 

 

 

 563

 

 

 

 -

 

 

 

 2,920

 

Disposals

 

 

 -

 

 

 

 -

 

 

 

 -

 

 

 

 -

 

 

 

 (62 )

 

 

 (24 )

 

 

 -

 

 

 

 (86 )

Transfers

 

 

 (188 )

 

 

 1,135

 

 

 

 -

 

 

 

 69

 

 

 

 -

 

 

 

 (1,016 )

 

 

 -

 

 

 

 -

 

Balance - September 30, 2022

 

$ 

 15,719

 

 

$ 

 15,300

 

 

$ 

 50

 

 

$ 

 5,203

 

 

$ 

 859

 

 

$ 

 226

 

 

$ 

 41,530

 

 

$ 

 78,887

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated Depreciation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance - December 31, 2021

 

$ 

 (132 )

 

$ 

 (980 )

 

$ 

 (48 )

 

$ 

 (618 )

 

$ 

 (566 )

 

$ 

 -

 

 

$ 

 (8,930 )

 

$ 

 (11,274 )

Depreciation

 

 

 (130 )

 

 

 (1,714 )

 

 

 (1 )

 

 

 (472 )

 

 

 (125 )

 

 

 -

 

 

 

 (2,475 )

 

 

 (4,917 )

Disposals and other

 

 

 -

 

 

 

 -

 

 

 

 -

 

 

 

 -

 

 

 

 26

 

 

 

 -

 

 

 

 -

 

 

 

 26

 

Balance - September 30, 2022

 

$ 

 (262 )

 

$ 

 (2,694 )

 

$ 

 (49 )

 

$ 

 (1,090 )

 

$ 

 (665 )

 

$ 

 -

 

 

$ 

 (11,405 )

 

$ 

 (16,165 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Book Value - September 30, 2022

 

$ 

 15,457

 

 

$ 

 12,606

 

 

$

 1

 

 

$ 

 4,113

 

 

$ 

 194

 

 

$ 

 226

 

 

$ 

 30,125

 

 

$ 

 62,722

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Book Value - December 31, 2021

 

 $ 15,775

 

 

 $ 12,970

 

 

 $ 2

 

 

 $ 2,374

 

 

 $ 355

 

 

 $ 703

 

 

 $ 32,600

 

 

 $ 64,779

 

 

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

 

Depreciation expense of $1,647 and $1,040 were recorded for the three months ended September 30, 2022 and 2021, respectively, of which $1,527 and $584 respectively, were included in cost of goods sold. Depreciation expense of $104 and $196 was also recorded in other income (expense) for the three months ended September 30, 2022 and 2021, respectively.

 

Depreciation expense of $4,917 and $2,798 were recorded for the nine months ended September 30, 2022 and 2021, respectively, of which $4,416 and $1,752 respectively, were included in cost of goods sold. Depreciation expense of $419 and $391 was also recorded in other income (expense) for the nine months ended September 30, 2022 and 2021, respectively.