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Property and Equipment
 9 Months Ended
Sep. 30, 2024
Property and Equipment  
Property and Equipment

6. Property and Equipment.

 

Property and equipment, net consisted of the following at:

 

 

 

September 30, 2024

 

Machinery and equipment

 

$11,284,000

 

Leasehold improvements

 

 

113,000

 

Bushes

 

 

489,000

 

Vehicles

 

 

576,000

 

Furniture and fixtures

 

 

220,000

 

Property and equipment, gross

 

 

12,682,000

 

Less: accumulated depreciation

 

 

(1,144,000)

Property and equipment, net

 

$11,538,000

 

 

At September 30, 2024, property and equipment, net of $925,000 were located outside of the U.S. Included in machinery and equipment is $55,000 of equipment funded by a financing lease. The financing lease is included in financing leases on the condensed consolidated balance sheet. Also included in machinery and equipment is $100,000 of spare parts that are not currently in use and not being depreciated.

 

Depreciation expense was $436,000 and $1,002,000 for the three and nine months ended September 30, 2024. Depreciation of $408,000 and $28,000 were recorded within cost of sales and sales, general and administrative expenses, respectively, for the three months ended September 30, 2024. Depreciation of $908,000 and $94,000 were recorded within cost of sales and sales, general and administrative expenses, respectively, for the nine months ended September 30, 2024. Depreciation expense for the three and nine months ended September 30, 2023 was $10,000 and $36,000, respectively, which was recorded in sales, general and administrative expenses.