Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.19.2
Property and Equipment
 6 Months Ended
Jun. 30, 2019
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 4. PROPERTY AND EQUIPMENT

 

The following is a summary of property and equipment, at costs less accumulated depreciation and amortization:

 

    June 30,
2019		     December 31, 2018   Estimated useful life
    (in thousands)    
Furniture, equipment and software   $ 2,820     $ 2,095   3 - 7 years
Personal property     1,095       1,090   5 years
Leasehold improvements     1,020       342   Lesser of lease term or 5 years
Land improvements     601       601   15 years
Building     8,033       7,773   39 years
Land     691       691    
      14,260       12,592    
Less: accumulated depreciation     1,590       951    
Property and equipment, net   $ 12,670     $ 11,641    

 

Property and equipment include assets recorded under finance leases, see “Note 8—Leases.” Property and equipment are pledged as collateral for the Company line of credit. See “Note 7—Long Term Debt.”

 

Depreciation expense for property and equipment (excluding assets recorded under finance leases) for the three months ended June 30, 2019 and 2018 was approximately $0.3 million and $0.1 million, respectively, and for approximately $0.7 million and $0.1 million, for the six months ended June 30, 2019 and 2018, respectively.