Property and Equipment, net

12 Months Ended

Dec. 31, 2021

Property Plant And Equipment [Abstract]

Property, Plant and Equipment, net

Note 9 – Property, Plant and Equipment, net

Property, plant and equipment are recorded at historical cost. Depreciation is provided for in amounts sufficient to relate the cost of depreciable assets to operations over their estimated service lives on a straight-line basis. The life of the building acquired in connection of the ALT purchase transaction was determined to be 25 years. Leasehold improvements are amortized over the useful life of the asset or the lease term, whichever is shorter. Estimated service lives are five years for furniture, fixtures and office equipment and three years for software and technology assets. Expenditures for repairs and maintenance not considered to substantially lengthen the life of the asset or increase capacity or efficiency are charged to expense as incurred.

The following summarizes the components of the Company’s property, plant and equipment (in thousands):

	December 31, 2021			December 31, 2020
Building	$	985		$	—
Land		397			—
Furniture, fixtures and office equipment		97			203
Software and technology assets		84			340
Vehicles		11			—
		1,574			543
Accumulated depreciation		(103	)		(413	)
Property, plant and equipment, net	$	1,471		$	130

Depreciation expense related to property, plant and equipment was $102,000 and $94,000 for the years ended December 31, 2021 and 2020, respectively.