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PROPERTY AND EQUIPMENT
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

 

7. PROPERTY AND EQUIPMENT

 

Property and equipment consist of the following (in thousands):

 

          
   December 31,   December 31, 
   2024   2023 
Office furniture and equipment  $227   $227 
Computer equipment and software   283    248 
Land, buildings and leasehold improvements   7,528    7,935 
Autos   769    616 
Machinery and equipment   9,207    9,200 
Total property and equipment   18,014    18,226 
Less accumulated depreciation   (4,310)   (1,713)
Property and Equipment, net  $13,704   $16,513 

 

Depreciation expense for the years ended December 31, 2024 and 2023 was $2.6 million and $0.9 million, respectively. For both years ending December 31, 2024 and December 31, 2023, depreciation expense recognized in Operating expenses was $0.3 million in both years and $2.4 million and $0.5 million in Cost of Good Sold respectively. In 2024 and 2023, $0.2 million and $0.2 million of depreciation was capitalized into inventory as manufacturing overhead costs, respectively. See Note 4 for additional details of the acquisition of land, buildings and machinery and equipment.