Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.8.0.1
Property and Equipment
9 Months Ended
Sep. 30, 2017
Property, Plant and Equipment [Abstract]  
Property and Equipment

4. Property and Equipment

Property and equipment consists of the following:

 

(Amounts in Thousands)    September 30,
2017
     December 31,
2016
 

Land

   $ 5,690      $ 5,690  

Buildings and other improvements

     4,414        4,304  

Leasehold improvements

     169        169  

Office furniture and equipment

     1,673        1,506  

Computer equipment and software

     20        20  

Assets under construction

     1,374        37  
  

 

 

    

 

 

 
     13,340        11,726  

Less accumulated depreciation

     (1,146      (732
  

 

 

    

 

 

 

Property and equipment, net

   $ 12,194      $ 10,994  
  

 

 

    

 

 

 

As of September 30, 2017, the Company recorded $1,374 thousand in assets under construction which consists of site improvements and architect fees related to phase two of the corporate headquarter plan related to a sale-leaseback transaction. At the completion of construction, the completed asset will be capitalized and depreciated over the term of the lease.

 

Depreciation expense was $146 thousand and $81 thousand for the three months ended September 30, 2017 and 2016, respectively. Depreciation expense was $414 thousand and $150 thousand for the nine months ended September 30, 2017 and 2016, respectively.