Annual report pursuant to Section 13 and 15(d)

Property And Equipment

v3.24.1
Property And Equipment
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT PROPERTY AND EQUIPMENT

Property and equipment, net, as of December 31, 2023 and 2022 were as follows (in thousands):

 

 

 

 

December 31,

 

 

Useful Lives

 

2023

 

 

2022

 

Office furniture and IT equipment

 

3 - 5 years

 

$

1,393

 

 

$

1,392

 

Machinery and equipment

 

7 years

 

 

37

 

 

 

—

 

 

 

 

 

1,430

 

 

 

1,392

 

Less: accumulated depreciation

 

 

 

 

(1,051

)

 

 

(817

)

 

 

 

$

379

 

 

$

575

 

 

 

Depreciation expense for the years ended December 31, 2023 and 2022 was $0.2 million and $1.0 million, respectively. During the year ended December 31, 2022, the Company sold or disposed of property and equipment with original cost of $3.9 million and recognized a loss on disposal of $0.2 million. During the year ended December 31, 2022, the Company recorded accelerated depreciation for tenant improvements associated with the lease termination agreement for its main facility.