Property and Equipment
|6 Months Ended|
Jun. 30, 2018
|Property, Plant and Equipment [Abstract]|
|Property and Equipment||
Property and equipment consists of the following:
As of June 30, 2018, the Company capitalized $10.7 million from assets under construction which consists of building and site improvements, office equipment & furniture and architect fees related to construction of the Company’s new corporate headquarters. Of this amount, $10.2 million was funded by the lease obligation pursuant to the sale-leaseback transaction described in Note 10. Following its substantial completion in May 2018, the completed asset was capitalized and will be depreciated over the term of the lease.
Depreciation expense was $215 thousand and $134 thousand for the three months ended June 30, 2018 and 2017, respectively. Depreciation expense was $371 thousand and $268 thousand for the six months ended June 30, 2018 and 2017, respectively.
The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef