Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.8.0.1
Property and Equipment
3 Months Ended
Mar. 31, 2018
Property, Plant and Equipment [Abstract]  
Property and Equipment
4. Property and Equipment

Property and equipment consists of the following:

 

(Amounts in Thousands)    As of
March 31,
2018
     As of
December 31,
2017
 

Land

   $ 5,690      $ 5,690  

Buildings and other improvements

     4,414        4,414  

Leasehold improvements

     169        169  

Office furniture and equipment

     1,925        1,672  

Computer equipment and software

     20        20  

Assets under construction

     7,988        3,671  
  

 

 

    

 

 

 
     20,206        15,636  

Less accumulated depreciation

     (1,439      (1,283
  

 

 

    

 

 

 

Property and equipment, net

   $ 18,767      $ 14,353  
  

 

 

    

 

 

 

As of March 31, 2018, the Company recorded $8.0 million in assets under construction which consists of site improvements and architect fees related to construction of the Company’s new corporate headquarters, of this amount, $7.6 million was funded by the lease obligation pursuant to the sale-leaseback transaction described in Note 10. At completion, the completed asset will be capitalized and depreciated over the term of the lease.

Depreciation expense was $156 thousand and $133 thousand for the three months ended March 31, 2018 and 2017, respectively.