Quarterly report pursuant to Section 13 or 15(d)

Note 6 - Property, Equipment and Leasehold Improvements

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Note 6 - Property, Equipment and Leasehold Improvements
 9 Months Ended
Sep. 30, 2024
Notes to Financial Statements  
Property, Plant and Equipment Disclosure [Text Block]

NOTE 6 – PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS

 

Property, equipment, and leasehold improvements consisted of the following:

 

   

(in thousands)

  
   

September 30,

    

December 31,

  
   

2024

    

2023

  

Land and Building

   $ 5,872     $ 7,581  

Furniture and Equipment

     170       168  

Computer Hardware

     287       281  

Leasehold Improvements

     5,672       5,241  

Vehicles

     26       19  

Construction in Progress

     —       538  

Subtotal

     12,027       13,828  

Less Accumulated Depreciation

     (4,961 )     (4,643 )

Property, Equipment and Leasehold Improvements, Net

   $ 7,066     $ 9,185  

 

Depreciation expense related to continuing operations was $0.15 million and $0.08 million for the three months ended  September 30, 2024 and 2023, respectively, and $0.43 million and $0.25 million for the nine months ended September 30, 2024 and 2023, respectively.

 

During the second fiscal quarter of 2024, management noted indicators of impairment of its property, equipment and leasehold improvements. Specifically, changes in circumstances resulted in changes to expected future cash flows from land and buildings. The Company used a quoted market price to determine fair value, resulting in an impairment loss of $1.71 million during the nine months ended September 30, 2024.

 

All property, equipment and leasehold improvements related to discontinued operations are separately presented from the consolidated balance sheets as of September 30, 2024 and  December 31, 2023. Refer to "Note 18 – Discontinued Operations".