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v3.21.1

Property and Equipment | 3 Months Ended
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Mar. 31, 2021
Property, Plant and Equipment [Abstract] |
Property and Equipment | Property and Equipment Property and equipment consist of the following:
| March 31, 2021 |  | December 31, 2020
Furniture and equipment | $ | 3,833 |  |  | $ | 2,334 |
Leasehold improvements | 14,442 |  |  | 12,983 |
Processing equipment | 3,760 |  |  | 2,634 |
Land | 731 |  |  | 731 |
Projects in process | 27,226 |  |  | 24,540 |
Property and equipment, at cost | 49,992 |  |  | 43,223 |
Less: accumulated depreciation and amortization | (5,597) |  |  | (4,825) |
Property and equipment, net | $ | 44,395 |  |  | $ | 38,398 |
Depreciation expense for the three months ended March 31, 2021 and 2020 was $772 and $307, respectively. The significant increase in projects in process is related to our Axogen Processing Center (“APC”) facility (See Note 13 - Commitments and Contingencies). On September 20, 2018, the Company entered into an agreement (the “Heights Agreement”) with Heights Union, LLC, a Florida limited liability company (“Heights Union”), for the lease of seventy-five thousand square feet of office space in Tampa, Florida (See Note 13 - Commitments and Contingencies). In May 2020, the Company entered into a construction escrow agreement with Heights Union and Commonwealth Land Title Insurance Company (“Escrow Agent”), which provided for the establishment of a federally insured escrow bank account (the “Escrow Account”) to hold Company funds to be used for tenant improvements in excess of the tenant allowance as provided in the Heights Agreement. The Company deposited $6,289 into the Escrow Account for use in completing construction of the tenant improvements. The Escrow Agent will disburse the funds upon joint written instructions from Heights Union and the Company. During the three months ended March 31, 2021, $759 was disbursed from the Escrow Account and recorded in property and equipment account on the balance sheet. As of March 31, 2021, $83 remained in the Escrow Account and is recorded as restricted cash in the condensed consolidated balance sheet.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=120429125&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99779-112916 + Details
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