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Property Plant and Equipment
 6 Months Ended
Jun. 30, 2022
Property Plant and Equipment Income Statement Disclosures [Abstract]  
Property, Plant and Equipment
Note 5: PROPERTY, PLANT, AND EQUIPMENT
Property, plant and equipment and related depreciation are summarized in the table below:
 
    
June 30,
2022
     
December 31,
2021
  
Land
    $ 775      $ —    
Buildings & improvements
      13,896        1,483  
Construction in process
      702        63  
Furniture, equipment & other
      17,974        13,425  
Leasehold improvements
      36,878        35,538  
    
 
 
     
 
 
  
Total
    $ 70,225      $ 50,509  
Less: accumulated depreciation
      (11,258 )       (7,876 ) 
    
 
 
     
 
 
  
Total property, plant, and equipment, net
    $ 58,967      $ 42,633  
    
 
 
     
 
 
  
On January 28, 2022, in conjunction with a business combination with NECC, the Company acquired property, plant, and equipment totaling $15,238 (Note 7). The Company subsequently sold the property, plant, and equipment to a third-party and leased back the equipment from the third-party. As discussed in Note 9, the Company recognized this fact pattern as a failed sale-leaseback transaction, whereby the Company recognized the fixed assets on the balance sheet of NECC and established a construction finance liability for rental payments made as part of the lease agreement.
On April 25, 2022, in conjunction with a business combination with Island, the Company acquired property and equipment totaling $2,214. (Note 7).
Approximately $33,000 of property and equipment is secured by LI Lending as collateral on the LI Lending note (Note 9). There were no significant contractual commitments for future capital expenditures as of June 30, 2022 and December 31, 2021.
Depreciation of property, plant, and equipment is computed using the
 straight-line method over the asset’s estimated useful life. The Company does not depreciate land, which has an indefinite useful life. Depreciation expense for the six months ended June 30, 2022 and 2021 was $3,382 and $1,138, respectively, of which $2,719 and $725, respectively, is included in cost of goods sold. Depreciation expense for the three months ended June 30, 2022 and 2021 was $2,217 and $675, respectively, of which $1,771 and $400, respectively, is included in cost of goods sold.