Quarterly report pursuant to Section 13 or 15(d)

Note 6 - Property and Equipment, Net

v3.24.2.u1
Note 6 - Property and Equipment, Net
6 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Property, Plant and Equipment Disclosure [Text Block]

6. Property, plant and equipment, net

 

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

 

   

Useful Life

                 

Asset Class

 

(Years)

   

June 30, 2024

   

December 31, 2023

 
                         

Operational equipment

    3 - 10     $ 3,581     $ 3,581  

Lab equipment

    5       1,144       817  

Computer equipment

    3       111       89  

Office furniture and equipment

    3       90       90  

Leasehold improvements

    2.5       80       80  

Land

    -       1,141       1,141  

Building

    39       3,131       3,131  

Equipment under construction

            9,813       3,047  
              19,091       11,976  

Less: accumulated depreciation

            (2,082 )     (1,629 )
                         

Total property, plant and equipment, net

          $ 17,009     $ 10,347  

 

Property, plant and equipment depreciation expense was $235,000 and $453,000 for the three and six months ended June 30, 2024 and $225,000 and $337,000 for the three and six months ended June 30, 2023, respectively. Equipment under construction is comprised of our lithium-ion battery recycling commercial equipment along with various components being manufactured or installed by the Company.