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Note 5 - Long-lived Assets and Lease Intangible Assets
 3 Months Ended
Mar. 31, 2025
Notes to Financial Statements  
Property, Plant and Equipment Disclosure [Text Block]

5.

Long-lived Assets and Lease Intangible Assets

 

Long-lived assets, net, consists of the following:

 

  

March 31, 2025

  

December 31, 2024

 

Ground support equipment

 $2,042  $1,644 

Machinery and equipment

  5,600   4,903 

Buildings

  5,434   5,434 

Land

  1,620   1,620 

Other equipment and fixtures

  1,115   966 

Purchase deposits and construction in progress

  3,939   2,380 
   19,750   16,947 

Accumulated depreciation

  (2,547)  (2,215)
  $17,203  $14,732 

 

Depreciation expense for the three months ended March 31, 2025 and 2024 totaled $222 and $181, respectively. Capitalized depreciation of long-lived assets included in cost of construction totaled $301 and $136 for the three months ended March 31, 2025 and 2024, respectively. As of March 31, 2025 and December 31, 2024, long-lived assets included approximately $3,939 and $2,380, respectively, of purchase deposits towards long-lived assets which are not being depreciated as the assets have not been placed into service.

 

Lease intangible assets, net, consists of the following:

 

  

March 31, 2025

  

December 31, 2024

 

Acquired in-place lease

 $1,878  $1,878 

Above market leases

  1,151   1,151 
   3,029   3,029 

Accumulated amortization

  (98)  (24)

Total operating lease expense

 $2,931  $3,005 

 

Amortization expense for the three months ended  March 31, 2025 and 2024 totaled $74 and $0, respectively.