Quarterly report pursuant to Section 13 or 15(d)

Property & Equipment

v3.21.1
Property & Equipment
 3 Months Ended
Mar. 31, 2021
Property, Plant and Equipment [Abstract]  
Property & Equipment
4. Property & Equipment
Property and equipment, net consisted of the following (in thousands):
 
    
March 31, 2021
 
   
December 
31
, 2020
  
Leasehold improvements
   
$
6,651
 
   
$
5,477
 
Machinery & equipment
   
 
1,727
 
   
 
1,548
 
Computer equipment
   
 
318
 
   
 
208
 
Furniture & fixtures
   
 
893
 
   
 
792
 
Vehicles
   
 
27
 
   
 
27
 
    
 
 
 
   
 
 
  
    
 
9,616
 
   
 
8,052
 
    
 
 
 
   
 
 
  
Less: Accumulated depreciation
   
 
(353
)
 
   
 
(48
) 
    
 
 
 
   
 
 
  
Property and equipment – net
   
$
9,263
 
   
$
8,004
 
    
 
 
 
   
 
 
  
Depreciation expense for the Successor period from January 1, 2021 to March 31, 2021 and for the Predecessor period from January 1, 2020 to March 31, 2020 was $305,000 and $237,000, respectively. In conjunction with the Business Combination, the basis of all property and equipment was recognized at fair value in purchase accounting.
Included within Leasehold improvements is approximately $1,025,000 and $103,000 as of March 31, 2021 and December 31, 2020 related to construction in progress. Such amounts are not depreciated until placed into service.