| PROPERTY AND EQUIPMENT |
5. PROPERTY AND EQUIPMENT
A reconciliation of the beginning and ending balances of property and equipment and accumulated depreciation during the three months ended March 31, 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 – March 31, 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 |
|
|
(57 |
) |
|
|
- |
|
|
|
(205 |
) |
|
|
(23 |
) |
|
|
- |
|
|
|
(427 |
) |
|
|
(712 |
) |
Disposals |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Balance - March 31, 2024 |
|
$ |
(1,138 |
) |
|
$ |
(49 |
) |
|
$ |
(2,558 |
) |
|
$ |
(767 |
) |
|
$ |
- |
|
|
$ |
(3,417 |
) |
|
$ |
(7,929 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Book Value - March 31, 2024 |
|
$ |
978 |
|
|
$ |
1 |
|
|
$ |
2,737 |
|
|
$ |
63 |
|
|
$ |
35 |
|
|
$ |
17,900 |
|
|
$ |
21,714 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 $712 and $1,095 were recorded for the three months ended March 31, 2024 and 2023, respectively, of which $691 and $1,069 respectively, were included in cost of goods sold.
|