Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

v3.21.2
PROPERTY AND EQUIPMENT
 9 Months Ended
Sep. 30, 2021
PROPERTY AND EQUIPMENT  
6. 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, 2021 and property and equipment, net as of December 31, 2020 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, 2020

 

 $ -

 

 

 $ 10,799

 

 

 $ 50

 

 

 $ 1,276

 

 

 $ 854

 

 

 $ 2,528

 

 

 $ 41,530

 

 

 $ 57,037

 

Additions

 

 

 -

 

 

 

 82

 

 

 

 -

 

 

 

 517

 

 

 

 -

 

 

 

 2,005

 

 

 

 -

 

 

 

 2,604

 

Business Acquisitions

 

 

 15,538

 

 

 

 -

 

 

 

 -

 

 

 

 404

 

 

 

 -

 

 

 

 -

 

 

 

 -

 

 

 

 15,942

 

Disposals

 

 

 -

 

 

 

 -

 

 

 

 -

 

 

 

 -

 

 

 

 -

 

 

 

 -

 

 

 

 -

 

 

 

 -

 

Balance-September 30, 2021

 

 $ 15,538

 

 

 $ 10,881

 

 

 $ 50

 

 

 $ 2,197

 

 

 $ 854

 

 

 $ 4,533

 

 

 $ 41,530

 

 

 $ 75,583

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated Depreciation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance-December 31, 2020

 

 $ -

 

 

 $ (634 )

 

 $ (47 )

 

 $ (427 )

 

 $ (411 )

 

 $ -

 

 

 $ (6,275 )

 

 $ (7,794 )

Depreciation

 

 

 (52 )

 

 

 (243 )

 

 

 (1 )

 

 

 (120 )

 

 

 (114 )

 

 

 -

 

 

 

 (2,268 )

 

 

 (2,798 )

Disposals

 

 

 -

 

 

 

 -

 

 

 

 -

 

 

 

 -

 

 

 

 -

 

 

 

 -

 

 

 

 -

 

 

 

 -

 

Balance-September 30, 2021

 

 $ (52 )

 

 $ (877 )

 

 $ (48 )

 

 $ (547 )

 

 $ (525 )

 

 $ -

 

 

 $ 8,543 )

 

 $ (10,592 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Book Value-September 30, 2021

 

 $ 15,486

 

 

 $ 10,004

 

 

 $ 2

 

 

 $ 1,650

 

 

 $ 329

 

 

 $ 4,533

 

 

 $ 32,987

 

 

 $ 64,991

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Book Value -December 31, 2020

 

 $ -

 

 

 $ 10,165

 

 

 $ 3

 

 

 $ 849

 

 

 $ 443

 

 

 $ 2,528

 

 

 $ 35,255

 

 

 $ 49,243

 

 

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 $1,040 and $1,047 were recorded for the three months ended September 30, 2021 and 2020, respectively, of which $584 and $13 respectively, were included in cost of goods sold. Depreciation expense of $196 was also recorded in other income (expense) for the three months ended September 30, 2021. Depreciation expense of $2,798 and $3,021 were recorded for the nine months ended September 30, 2021 and 2020, respectively, of which $1,752 and $238 respectively, were included in cost of goods sold. Depreciation expense of $391 was also recorded in other income (expense) for the nine months ended September 30, 2021.