Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment, Net

v3.24.1.1.u2
Property and Equipment, Net
 3 Months Ended
Mar. 31, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net

9. Property and Equipment, Net

 

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

 

    Useful Life     March 31,     December 31,  
    (Years)     2024     2023  
Machinery and equipment     3 - 10     $ 1,329     $ 1,280  
Office furniture and equipment     3 - 10       139       139  
Leasehold improvements     6       531       419  
Construction in progress     N/A       959       387  
Property and equipment, gross             2,958       2,225  
Less: accumulated depreciation and amortization             (764 )     (726 )
Property and equipment, net           $ 2,194     $ 1,499  

 

 

Depreciation expense for the three months ended March 31, 2024 and 2023 was $38 thousand and $27 thousand, respectively.