Property and Equipment

12 Months Ended

Dec. 31, 2024

Property and Equipment

Property and Equipment

6. Property and Equipment.

Property and equipment, net consisted of the following at:

	December 31, 2024		December 31, 2023
Machinery and equipment	$	11,129,000	$	3,000
Leasehold improvements		344,000		13,000
Bushes		489,000		—
Vehicles		396,000		—
Furniture and fixtures		204,000		180,000
Construction in progress		240,000		10,000
Property and equipment, gross		12,802,000		206,000
Less: accumulated depreciation		(1,486,000)		(171,000)
Property and equipment, net	$	11,316,000	$	35,000

At December 31, 2024, property and equipment, net, of $594,000 and $395,000 were located in the Netherlands and South Africa, respectively. Included in machinery and equipment is $190,000 of spare parts that are not currently in use and not being depreciated.

Depreciation expense was $1,331,000 for the year ended December 31, 2024. Depreciation of $1,267,000 and $64,000 were recorded within cost of goods sold and sales, general and administrative expenses, respectively, for the year ended December 31, 2024. Depreciation expense for the year ended December 31, 2023 was $40,000, which was recorded in sales, general and administrative expenses.