Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment, Net

v3.23.3
Property and Equipment, Net
 9 Months Ended
Sep. 30, 2023
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net

6. Property and Equipment, Net

 

Property and equipment consist of the following ($ in thousands):

    

    Useful Life   September 30,     December 31,  
    (Years)   2023     2022  
Machinery and equipment   3 - 10   $ 1,566     $ 973  
Office furniture and equipment   3 - 10     139       59  
Leasehold improvements   6     391       228  
Construction in progress   N/A     330       55  
Total property and equipment         2,426       1,315  
Less: accumulated depreciation and amortization         (689 )     (594 )
Property and equipment, net       $ 1,737     $ 721  

 

Depreciation expense for the nine months ended September 30, 2023, and 2022 was $95 thousand and $74 thousand, respectively.