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Property and Equipment

6 Months Ended

Jun. 30, 2025

Property and Equipment

Property and Equipment

7. Property and Equipment.

Property and equipment, net consisted of the following at:

​

​	​	​	​	​	​	​	​	​	​
​		June 30, 2025			December 31, 2024			December 31, 2023
Machinery and equipment	​	$	12,092,000	​	$	11,129,000	​	$	3,000
Leasehold improvements	​		359,000	​		344,000	​		13,000
Bushes	​		489,000	​		489,000	​		—
Vehicles	​		393,000	​		396,000	​		—
Furniture and fixtures	​		199,000	​		204,000	​		180,000
Capitalized software	​	​	43,000	​	​	—	​	​	—
Construction in progress	​		240,000	​		240,000	​		10,000
Property and equipment, gross	​		13,815,000	​		12,802,000	​		206,000
Less: accumulated depreciation	​		(2,382,000)	​		(1,486,000)	​		(171,000)
Property and equipment, net	​	$	11,433,000	​	$	11,316,000	​	$	35,000

​

At June 30, 2025, property and equipment, net, of $1,108,000 and $414,000 were located in the Netherlands and South Africa, respectively. Included in machinery and equipment at June 30, 2025, December 31, 2024, and December 31, 2023 was $318,000, $190,000, and $-0-, respectively, of spare parts that are not currently in use and not being depreciated.

Depreciation expense was $871,000, $1,331,000, and $40,000 for the six months ended June 30, 2025 and calendar years 2024 and 2023, respectively. Depreciation of $847,000 and $24,000 were recorded within cost of goods sold and sales, general and administrative expenses, respectively, for the six months ended June 30, 2025. Depreciation expense of $1,267,000 and $64,000 were recorded within cost of goods sold and sales, general and administrative expenses, respectively, for calendar year 2024. Depreciation expense of $40,000 was recorded within sales, general and administrative expenses for calendar year 2023.

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- References

No definition available.

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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://fasb.org/us-gaap/role/ref/legacyRef
-Topic 360
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/360/tableOfContent

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-7

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