Property and Equipment, net

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

The following table summarizes the Company’s property and equipment (in thousands):


	September 30, 2022		December 31, 2021
Furniture and office equipment	$	2,685	$	1,432
Vehicle	1,488		900
Leasehold improvements	5,275		581
Machinery and equipment	2,747		825
Total property and equipment	12,195		3,738
Less: accumulated depreciation	(2,025)		(833)
Property and equipment, net	$	10,170	$	2,905

The Company recorded depreciation expense of $0.6 million and $0.1 million, which is included in its operating expense, for the three months ended September 30, 2022 and 2021, respectively and $1.5 million and $0.3 million for the nine months ended September 30, 2022 and 2021, respectively.

Fintech Village

On January 28, 2021, the Company’s Board accepted an offer of $2.8 million for Fintech Village, which was a 58-acre former University of Connecticut campus in West Hartford and subsequently signed a sale contract on March 15, 2021. The Company estimated the costs to sell Fintech Village to be $0.2 million and recorded these costs in “Loss on disposal of subsidiaries, net”

In the year ended December 31, 2021, the Company closed on the sale of Fintech Village for $2.8 million, excluding commissions and other costs of $0.2 million.

The asset retirement obligations were derecognized in the year ended December 31, 2021.