Annual report pursuant to Section 13 and 15(d)

Property and Equipment, Net

v3.22.4
Property and Equipment, Net
 12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net Property and Equipment, Net
Property and equipment, net consist of the following:
(in thousands) December 31,
2022		 December 31,
2021
Furniture and equipment $ 5,316  $ 5,100 
Leasehold improvements 15,482  14,952 
Processing equipment 4,227  3,984 
Land 731  731 
Finance lease right-of-use assets 131  110 
Projects in process (1)
63,703  45,660 
Property and equipment, at cost 89,590  70,536 
Less: accumulated depreciation and amortization (10,296) (7,614)
Property and equipment, net $ 79,294  $ 62,923 
(1) Included in projects in process is a government grant received totaling $1,188 as of December 31, 2022 and December 31, 2021, which was recorded as an offset, and $11,429 and $5,274 of capitalized interest as of December 31, 2022 and 2021, respectively.
Depreciation expense is as follows for the years ended:
December 31,
2022 2021 2020
Depreciation expense $ 2,827  $ 2,744  $ 1,530