Quarterly report pursuant to Section 13 or 15(d)

Property, Plant, and Equipment

v3.23.3
Property, Plant, and Equipment
9 Months Ended
Sep. 30, 2023
Property, Plant and Equipment [Abstract]  
Property, Plant, and Equipment

NOTE 6—PROPERTY, PLANT, AND EQUIPMENT

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

 

 

 

September 30,

 

 

December 31,

 

 

 

2023

 

 

2022

 

Building

 

$

197

 

 

$

199

 

Leasehold improvements

 

 

1,250

 

 

 

464

 

Equipment and computers

 

 

14,528

 

 

 

8,566

 

Furniture and fixtures

 

 

519

 

 

 

475

 

Construction in progress

 

 

71

 

 

 

2,957

 

Total

 

 

16,565

 

 

 

12,661

 

Accumulated depreciation

 

 

(10,669

)

 

 

(8,538

)

Property, plant, and equipment, net before land

 

 

5,896

 

 

 

4,123

 

Land

 

 

153

 

 

 

155

 

Property, plant, and equipment, net

 

$

6,049

 

 

$

4,278

 

 

Depreciation expense related to property, plant, and equipment totaled $0.6 million and $2.1 million for the three and nine months ended September 30, 2023, respectively, and $0.1 million and $0.4 million for the three and nine months ended September 30, 2022, respectively.

During the three months ended June 30, 2023, the Company revised its accounting for laser equipment transferred as part of its marketing efforts to potential customers and other sales representatives without any payment. As a result, a cumulative adjustment of $0.8 million was recorded to depreciation expense in the three months ended June 30, 2023. If the December 31, 2022 balance sheet was conformed to current period presentation, in addition to recording the cumulative adjustment to retained earnings, the adjustment would have decreased inventory by $1.7 million and increased property, plant and equipment, net by $0.9 million.