Property and Equipment

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

4. Property and Equipment

Property and equipment consist of the following (in thousands):

	March 31, 2023			December 31, 2022
Leasehold improvements	$	261		$	261
Office equipment		164			114
Tools and plant equipment		2,398			2,354
Vehicles		70			70
Less—Accumulated depreciation		(500	)		(358	)
Property and equipment, net	$	2,393		$	2,441

Depreciation expense for the three months ended March 31, 2023 and March 31, 2022, was $142 thousand and $55 thousand, respectively. Property and equipment include tools and plant equipment obtained under capital lease in the amount of $232 thousand. The equipment is being depreciated over 5 years. The capital lease was entered into on July 1, 2022, and is payable over 18 months at 7% interest with monthly installments of $14 thousand. The company had an outstanding balance of $119 thousand on the capital lease at March 31, 2023.