Quarterly report pursuant to Section 13 or 15(d)

Note 6 - Property and Equipment, Net

Note 6 - Property and Equipment, Net

9 Months Ended

Sep. 30, 2024

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)		September 30, 2024			December 31, 2023

Operational equipment		3 - 10	$	3,551		$	3,581
Lab equipment		5		1,128			817
Computer equipment		3		107			89
Office furniture and equipment		3		87			90
Leasehold improvements		2.5		80			80
Land		-		1,141			1,141
Building		39		3,131			3,131
Equipment under construction				9,643			3,047
				18,868			11,976
Less: accumulated depreciation				(2,253	)		(1,629	)

Total property, plant and equipment, net			$	16,615		$	10,347

Property, plant and equipment depreciation expense was $229,000 and $682,000 for the three and nine months ended September 30, 2024 and $254,000 and $591,000 for the three and nine months ended September 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.