Property and Equipment

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment

8. Property and Equipment

Property and equipment consisted of the following as of December 31:

(Dollars in thousands)	2022			2021
Furniture and fixtures	$	4,093		$	3,779
Digital can printer		4,216			-
Leasehold improvements		1,529			1,386
Vehicles		222			814
Total cost		10,060			5,979
Less accumulated depreciation		(4,319	)		(3,816	)
Total property and equipment, net	$	5,741		$	2,163

Purchases of property and equipment totaled $2.5 million and $0.3 million for the years ended December 31, 2022 and 2021, respectively. Depreciation expense totaled $1.0 million and $0.8 million for the years ended December 31, 2022 and 2021, respectively.

During the year ended December 31, 2022, the Company disposed of fixed assets with a net book value of $0.2 million resulting in a loss on disposal of fixed assets of $0.1 million. During the year ended December 31, 2021, the Company disposed of fixed assets with a net book value of $0.5 million resulting in a loss on disposal of fixed assets of $0.4 million As a result of these disposals, the Company received funds of $0.2 million from the sales of the disposed assets. During the years ended December 31, 2022 and 2021, the Company wrote off obsolete fixed assets with a net book value of $5,270 and $0.1 million, respectively.

During the year ended December 31, 2022, the Company entered into a master equity lease agreement with Enterprise FM Trust (“Enterprise”). Per the agreement, the Company delivered to Enterprise the titles to certain vehicles, which resulted in a loss on disposal of $0.1 million. In return, the Company directly leases the vehicles from Enterprise, which will also manage the maintenance of the vehicles.

During the year ended December 31, 2022, the Company acquired the assets of a production facility for a cash payment of $0.2 million and concessions on service pricing.