Property and Equipment

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

7. Property and Equipment

Property and equipment consisted of the following:

(Dollars in thousands)	March 31, 2024			December 31, 2023			Useful Life (in years)
Furniture and fixtures	$	3,281		$	3,410			3.0 - 7.0
Digital can printer		3,649			3,649			12.5
Support of digital can printer		695			695			7.0
Leasehold improvements		1,529			1,529			3.5 - 5.0
Vehicles		156			156			5.0
Total cost		9,310			9,439
Less accumulated depreciation		(4,739	)		(4,671	)
Total property and equipment, net	$	4,571		$	4,768

Purchases of property and equipment for the three months ended March 31, 2024 and 2023 were $0 and $28,098, respectively. Depreciation expense totaled $0.2 million and $0.3 million for the three months ended March 31, 2024 and 2023, respectively.

During the three months ended March 31, 2024, the Company disposed of fixed assets for proceeds of $0.1 million, including future proceeds of installment sales of $0.1 million, with a net book value of $0.3 million resulting in a gain of $0.1 million. During the three months ended March 31, 2023, the Company disposed of fixed assets resulting in a loss of $5,901 and wrote off obsolete fixed assets with a net book value of $0.1 million.