Annual report pursuant to Section 13 and 15(d)

Note 8 - Property, Equipment and Leasehold Improvements

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Note 8 - Property, Equipment and Leasehold Improvements
 12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Property, Plant and Equipment Disclosure [Text Block]

NOTE 8 – PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS

 

Property, equipment, and leasehold improvements as of December 31, 2023 and 2022 consisted of the following:

 

   

(in thousands)

  
   

December 31, 2023

    

December 31, 2022

  
                 

Land and Building

   $ 7,581     $ 7,581  

Furniture and Equipment

     354       375  

Computer Hardware

     343       284  

Leasehold Improvements

     5,487       5,483  

Vehicles

     57       103  

Construction in Progress

     908       2,525  

Subtotal

     14,730       16,351  

Less Accumulated Depreciation

     (4,964 )     (4,674 )
                 

Property, Equipment and Leasehold Improvements, Net

   $ 9,766     $ 11,677  

 

Depreciation expense related to continuing operations was $0.44 million and $1.27 million for the years ended December 31, 2023 and 2022, respectively.

 

On January 21, 2022, the Company sold its land in Spanish Springs, Nevada for $0.45 million to an unrelated third party.

 

During the fiscal third quarter ended September 30, 2023, the Company wrote off net assets primarily consisting of property and equipment totaling $1.54 million which was recorded as a loss on disposal of assets for the year ended December 31, 2023.

 

All property, equipment and leasehold improvements related to discontinued operations are separately presented from the consolidated balance sheets as of December 31, 2023 and 2022. Refer to "Note 18 - Discontinued Operations".