Property and Equipment

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

7. Property and Equipment

Property and equipment consisted of the following:

(Dollars in thousands)	June 30, 2023			December 31, 2022
Furniture and fixtures	$	3,810		$	4,093
Digital can printer		4,302			4,216
Leasehold improvements		1,529			1,529
Vehicles		752			222
Total cost		10,393			10,060
Less accumulated depreciation		(5,237	)		(4,319	)
Total property and equipment, net	$	5,156		$	5,741

Purchases of property and equipment totaled $0.1 million and $2.5 million for the six months ended June 30, 2023 and 2022, respectively. Depreciation expense totaled $0.6 million and $0.5 million for the six months ended June 30, 2023 and 2022, respectively.

During the six months ended June 30, 2023, the Company disposed of fixed assets for proceeds of $0.3 million, including future proceeds of installment sales of $0.1 million, with a net book value of $0.2 million resulting in a gain of $0.1 million. During the six months ended June 30, 2022, the Company disposed of fixed assets with a net book value of $0.1 million resulting in a loss on disposal of fixed assets of $0.1 million.

During the six months ended June 30, 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 resulting in a loss on disposal of $0.1 million, which is included in the $0.1 million loss from 2022 above. In return, the Company directly leased the vehicles from Enterprise, which also managed the maintenance of the vehicles. In April 2023, the master equity lease agreement matured and the titles to the vehicles were returned to the Company, which resulted in a gain on disposal of $0.1 million, which is included in the $0.1 million gain from 2023 above.