Quarterly report pursuant to Section 13 or 15(d)

Note 6 - Property and Equipment, Net

Note 6 - Property and Equipment, Net

3 Months Ended

Mar. 31, 2021

Property, Plant and Equipment Disclosure [Text Block]

6. Property and Equipment, net

Property and equipment, net, consisted of the following (in thousands):

	Useful Life
Asset Class	(Years)		March 31, 2021			December 31, 2020

Operational equipment		3 - 10	$	12,126		$	12,126
Lab equipment		5		524			524
Computer equipment		3		222			222
Office furniture and equipment		3		221			221

Land		-		1,047			1,047
Building		39		19,508			19,508
Equipment under construction				3,762			3,597
				37,410			37,245
Less: accumulated depreciation				(12,688	)		(12,362	)

Total property and equipment, net			$	24,722		$	24,883

Property and equipment depreciation expense was $0.3 million and $0.6 million for the three months ended March 31, 2021 and three months ended March 31, 2020, respectively. Equipment under construction is comprised of various components being manufactured or installed by the Company.

The Company has entered into an Industrial Lease Agreement with LiNiCo, dated February 15, 2021 pursuant to which the Company has leased to LiNiCo its 136,750 square foot recycling facility at TRIC. The lease commenced April 1, 2021 and expires on March 31, 2023. Please refer to Note 11 - Subsequent Events for additional details regarding the Industrial Lease Agreement.