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Property and Equipment
 12 Months Ended
Dec. 31, 2021
Disclosure Of Property Plant And Equipment [Abstract]  
Property and Equipment

16. Property and equipment

 

Accounting policies

 

Property and equipment include leasehold improvements, computer hardware, machinery and furniture and fixtures.

 

Property and equipment are shown on the balance sheet at their historical cost. The cost of an asset, less any residual value, is depreciated using the straight-line method over the useful life of the asset. For this purpose, assets with similar useful lives have been grouped as follows:

 

 

•

Leasehold improvements—Shorter of the useful life of the asset or the remaining term of the lease

 

•

Computer hardware—Three to five years

 

•

Machinery and equipment—Five years

 

•

Furniture and fixtures—Five years

 

Useful lives, components, and residual amounts are reviewed annually. Such a review takes into consideration the nature of the assets, their intended use, including but not limited to the closure of facilities, and the evolution of the technology and competitive pressures that may lead to technical obsolescence. Depreciation of property and equipment is allocated to the appropriate headings of expenses by function in the statement of loss.

 

Reviews of the carrying amount of the Company’s property and equipment are performed when there is an indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. The recoverable amount of an asset is the greater of its value in use and its fair value less costs of disposal. In assessing the value in use, the estimated future cash flows are discounted to their present value, based on the time value of money and the risks specific to the country where the assets are located.

 

For the year ended December 31, 2021 and 2020, the Company recorded $0.5 million and less than $0.1 million in accrued expense related to amounts to be paid within the next 12 months, respectively.

 

Property and equipment, net movement for the years ended December 31, 2021 and 2020, respectively are as follows (in USD thousands):

 

 

 

Leasehold improvements

 

 

Machinery and equipment

 

 

Computer hardware

 

 

Furniture and fixtures

 

 

Total

 

January 1, 2021

 

$

890

 

 

$

615

 

 

$

1,799

 

 

$

623

 

 

$

3,927

 

Additions

 

 

2,447

 

 

 

608

 

 

 

421

 

 

 

420

 

 

 

3,896

 

Disposals

 

 

(49

)

 

 

(85

)

 

 

(294

)

 

 

(31

)

 

 

(459

)

Currency Translation Adjustment

 

 

(28

)

 

 

(22

)

 

 

(71

)

 

 

(5

)

 

 

(126

)

December 31, 2021

 

$

3,260

 

 

$

1,116

 

 

$

1,855

 

 

$

1,007

 

 

$

7,238

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated depreciation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

January 1, 2021

 

$

(258

)

 

$

(398

)

 

$

(1,230

)

 

$

(269

)

 

$

(2,155

)

Additions

 

 

(352

)

 

 

(119

)

 

 

(341

)

 

 

(130

)

 

 

(942

)

Disposals

 

 

29

 

 

 

85

 

 

 

292

 

 

 

31

 

 

 

437

 

Currency Translation Adjustment

 

 

11

 

 

 

14

 

 

 

51

 

 

 

9

 

 

 

85

 

December 31, 2021

 

$

(570

)

 

$

(418

)

 

$

(1,228

)

 

$

(359

)

 

$

(2,575

)

Net book value at December 31, 2021

 

$

2,690

 

 

$

698

 

 

$

627

 

 

$

648

 

 

$

4,663

 

 

 

 

 

Leasehold improvements

 

 

Machinery and equipment

 

 

Computer hardware

 

 

Furniture and fixtures

 

 

Total

 

January 1, 2020

 

$

664

 

 

$

541

 

 

$

1,817

 

 

$

496

 

 

$

3,518

 

Additions

 

 

201

 

 

 

19

 

 

 

101

 

 

 

130

 

 

 

451

 

Disposals

 

 

(50

)

 

 

—

 

 

 

(266

)

 

 

(54

)

 

 

(370

)

Currency Translation Adjustment

 

 

75

 

 

 

55

 

 

 

147

 

 

 

51

 

 

 

328

 

December 31, 2020

 

$

890

 

 

$

615

 

 

$

1,799

 

 

$

623

 

 

$

3,927

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated depreciation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

January 1, 2020

 

$

(130

)

 

$

(253

)

 

$

(1,030

)

 

$

(192

)

 

$

(1,605

)

Additions

 

 

(157

)

 

 

(112

)

 

 

(347

)

 

 

(109

)

 

 

(725

)

Disposals

 

 

50

 

 

 

—

 

 

 

263

 

 

 

54

 

 

 

367

 

Currency Translation Adjustment

 

 

(21

)

 

 

(33

)

 

 

(116

)

 

 

(22

)

 

 

(192

)

December 31, 2020

 

$

(258

)

 

$

(398

)

 

$

(1,230

)

 

$

(269

)

 

$

(2,155

)

Net book value at December 31, 2020

 

$

632

 

 

$

217

 

 

$

569

 

 

$

354

 

 

$

1,772