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Note 6 - Property And Equipment
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Property, Plant and Equipment Disclosure [Text Block]

NOTE 6.     PROPERTY AND EQUIPMENT

 

Property and equipment consisted of the following:

 

  

December 31,

  

December 31,

 

(In thousands)

 

2024

  

2023

 

Machinery and equipment

 $2,677  $2,651 

Furniture and fixtures

  250   233 

Computer equipment and software

  1,171   1,018 

Leasehold improvements

  281   212 

Molds

  962   923 

Total property, plant and equipment

  5,341   5,037 

Less: accumulated depreciation and amortization

  (3,989)  (3,522)

Property and equipment in service

  1,352   1,515 

Construction in progress

  635   400 

Property and equipment, net

 $1,987  $1,915 

 

Total depreciation expense was $0.6 million and $0.7 million for the years ended December 31, 2024 and 2023, respectively. Depreciation expense is included within cost of goods sold and selling, general and administrative expense in the Consolidated Statements of Operations.

 

On February 27, 2023, the Company’s Board of Directors approved a plan to sell and leaseback the Company's real property located in Clearwater, FL. On March 14, 2023, the Company entered into a Purchase and Sale Agreement (the “Purchase Agreement”) with VK Acquisitions VI, LLC (the “Purchaser”), for the sale of the Company’s facility located at 5115 Ulmerton Road, Clearwater, Florida, as more fully described in the Purchase Agreement (collectively, the “Property”) for a purchase price of $7,650,000.

 

On May 8, 2023, the Company closed on the Purchase Agreement and concurrently executed a 10-year agreement to leaseback the underlying Property from the Purchaser (see Note 7). The Company received net cash proceeds of approximately $6.6 million after withholding the security deposit of approximately $0.6 million, equal to one year's rent, taxes, first month's rent, expenses, and fees. The $2.7 million gain on this transaction is presented in gain on sale-leaseback in the accompanying Consolidated Statement of Operations for the year ended December 31, 2023.