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Property and Equipment
 12 Months Ended
Dec. 31, 2023
Property and Equipment [Abstract]  
Property and Equipment

Note 7 – Property and Equipment

 

The Company’s property and equipment are primarily located at the Company’s leased facilities in Hoboken, NJ and Tempe, AZ and consist of (in thousands):

 

   December 31, 
Classification  2023   2022 
Computer and lab equipment  $2,999   $985 
Network equipment   29    12 
Furniture and fixtures   32    28 
Software   49    19 
Leasehold improvements   33    3 
Total cost of property and equipment   3,142    1,046 
Accumulated depreciation   272    71 
Property and equipment, net  $2,870   $975 

 

The Company recorded depreciation expense of $203 thousand and $52 thousand during the years ended December 31, 2023 and 2022, respectively, using useful lives of the Company’s long-lived assets are as follows:

 

   Estimated
Useful Life
(Years)		 
Computer and laboratory equipment  5 
Network equipment  4 
Furniture and fixtures  7 
Software  3 
Leasehold improvements  Lessor of lease term or 5 

 

Maintenance and repairs are charged to operations when incurred. When property and equipment are sold or otherwise disposed, the asset account and related accumulated depreciation and amortization accounts are relieved, and any gain or loss is included in other income or expense.