PROPERTY, PLANT AND EQUIPMENT

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

NOTE 5: PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment, net, consists of the following:


In thousands	Unaudited September 30, 2022		December 31, 2021
Production facilities	$	88,140	$	56,130
Furniture, fittings & equipment	5,452		5,336
Industrial property	—		3,670
Vehicles	531		378
Assets under construction	60,013		67,862
Less: accumulated depreciation	(9,512)		(5,214)
Total property, plant and equipment, net	$	144,624	$	128,162

Depreciation expense for the three and nine months ended September 30, 2022 amounted to $1,541 thousand and $4,298 thousand, respectively, compared to 2021 that amounted to $499 thousand and $999 thousand for the three and nine months ended September 30, 2021, respectively.

The Company assesses its long-lived assets for impairment whenever facts and circumstances indicate that the carrying amounts may not be fully recoverable. To analyze recoverability, the Company projects undiscounted net future cash flows over the remaining lives of such assets. In the three months ended September 30, 2022, the Company postponed construction of new farms at certain locations. The Company concluded that the decline in previously forecasted cash flows on two of the Company’s facilities, due to a delay in the expected opening, constituted an impairment triggering event as of September 30, 2022. Based on the Company's analysis, an impairment charge of $2,252 thousand, which is included in the Impairment loss line item on the condensed consolidated statements of operations and comprehensive loss, was recorded to reduce the carrying value of the assets under construction to the estimated fair value as of September 30, 2022.