| Property and Equipment |
Details of the Company’s property and equipment and related depreciation expense are summarized in the tables below:
|
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| |
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Land and buildings |
|
$ |
115,277 |
|
|
$ |
115,277 |
|
Furniture and fixtures |
|
|
6,804 |
|
|
|
10,981 |
|
Equipment |
|
|
34,367 |
|
|
|
43,123 |
|
Computers and software |
|
|
2,363 |
|
|
|
4,033 |
|
Leasehold improvements |
|
|
155,529 |
|
|
|
207,846 |
|
Construction in process |
|
|
6,565 |
|
|
|
33,429 |
|
|
|
|
|
|
|
|
|
|
Total property and equipment, gross |
|
|
320,905 |
|
|
|
414,689 |
|
Less: Accumulated depreciation |
|
|
(92,509 |
) |
|
|
(116,191 |
) |
|
|
|
|
|
|
|
|
|
Total property and equipment, net |
|
$ |
228,396 |
|
|
$ |
298,498 |
|
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|
|
|
|
|
|
|
|
|
| |
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|
|
|
|
|
|
|
|
Total depreciation expense |
|
$ |
29,003 |
|
|
$ |
34,286 |
|
|
$ |
32,059 |
|
Included in: |
|
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|
|
|
|
|
|
|
|
|
|
Costs of sales related to inventory production |
|
$ |
18,239 |
|
|
$ |
20,225 |
|
|
$ |
18,565 |
|
Selling, general and administrative expenses |
|
$ |
10,764 |
|
|
$ |
14,061 |
|
|
$ |
13,494 |
| A reconciliation of the beginning and ending balances of property and equipment are summarized in the tables below:
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| |
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|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
Balance, December 31, 2023 |
|
$ |
115,277 |
|
|
$ |
10,981 |
|
|
$ |
43,123 |
|
|
$ |
4,033 |
|
|
$ |
207,846 |
|
|
$ |
33,429 |
|
|
$ |
414,689 |
|
Additions |
|
|
— |
|
|
|
— |
|
|
|
243 |
|
|
|
19 |
|
|
|
43 |
|
|
|
5,549 |
|
|
|
5,854 |
|
Impairments |
|
|
— |
|
|
|
(204 |
) |
|
|
(232 |
) |
|
|
(46 |
) |
|
|
(1,747 |
) |
|
|
(17 |
) |
|
|
(2,246 |
) |
Disposals |
|
|
— |
|
|
|
(90 |
) |
|
|
(5 |
) |
|
|
(101 |
) |
|
|
(974 |
) |
|
|
— |
|
|
|
(1,170 |
) |
Transferred from assets held for sale |
|
|
— |
|
|
|
(3,883 |
) |
|
|
(9,019 |
) |
|
|
(1,542 |
) |
|
|
(80,034 |
) |
|
|
(1,744 |
) |
|
|
(96,222 |
) |
Other transfers |
|
|
— |
|
|
|
— |
|
|
|
257 |
|
|
|
— |
|
|
|
30,395 |
|
|
|
(30,652 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2024 |
|
$ |
115,277 |
|
|
$ |
6,804 |
|
|
$ |
34,367 |
|
|
$ |
2,363 |
|
|
$ |
155,529 |
|
|
$ |
6,565 |
|
|
$ |
320,905 |
|
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| |
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|
Balance, December 31, 2023 |
|
$ |
(5,979 |
) |
|
$ |
(6,730 |
) |
|
$ |
(26,101 |
) |
|
$ |
(2,627 |
) |
|
$ |
(74,754 |
) |
|
$ |
— |
|
|
$ |
(116,191 |
) |
Depreciation |
|
|
(2,563 |
) |
|
|
(1,588 |
) |
|
|
(6,341 |
) |
|
|
(642 |
) |
|
|
(17,869 |
) |
|
|
— |
|
|
|
(29,003 |
) |
Impairments |
|
|
|
|
|
|
189 |
|
|
|
207 |
|
|
|
42 |
|
|
|
1,687 |
|
|
|
|
|
|
|
2,125 |
|
Disposals |
|
|
— |
|
|
|
199 |
|
|
|
5 |
|
|
|
65 |
|
|
|
2,686 |
|
|
|
— |
|
|
|
2,955 |
|
Transferred from assets held for sale |
|
|
— |
|
|
|
2,449 |
|
|
|
7,380 |
|
|
|
1,090 |
|
|
|
36,686 |
|
|
|
— |
|
|
|
47,605 |
|
|
|
|
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|
|
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|
Balance, December 31, 2024 |
|
$ |
(8,542 |
) |
|
$ |
(5,481 |
) |
|
$ |
(24,850 |
) |
|
$ |
(2,072 |
) |
|
$ |
(51,564 |
) |
|
$ |
— |
|
|
$ |
(92,509 |
) |
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|
Balance, December 31, 2022 |
|
$ |
128,389 |
|
|
$ |
8,773 |
|
|
$ |
38,467 |
|
|
$ |
3,537 |
|
|
$ |
193,454 |
|
|
$ |
56,398 |
|
|
$ |
429,018 |
|
Additions |
|
|
— |
|
|
|
214 |
|
|
|
42 |
|
|
|
174 |
|
|
|
2,366 |
|
|
|
2,044 |
|
|
|
4,840 |
|
Impairments |
|
|
— |
|
|
|
(17 |
) |
|
|
(745 |
) |
|
|
— |
|
|
|
(463 |
) |
|
|
(18,870 |
) |
|
|
(20,095 |
) |
Disposals |
|
|
(13,332 |
) |
|
|
(277 |
) |
|
|
(1,107 |
) |
|
|
(108 |
) |
|
|
(4,829 |
) |
|
|
(1,284 |
) |
|
|
(20,937 |
) |
Transferred to assets held for sale |
|
|
220 |
|
|
|
2,015 |
|
|
|
5,708 |
|
|
|
134 |
|
|
|
13,519 |
|
|
|
267 |
|
|
|
21,863 |
|
Other transfers |
|
|
— |
|
|
|
273 |
|
|
|
758 |
|
|
|
296 |
|
|
|
3,799 |
|
|
|
(5,126 |
) |
|
|
— |
|
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|
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|
Balance, December 31, 2023 |
|
$ |
115,277 |
|
|
$ |
10,981 |
|
|
$ |
43,123 |
|
|
$ |
4,033 |
|
|
$ |
207,846 |
|
|
$ |
33,429 |
|
|
$ |
414,689 |
|
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| |
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|
Balance, December 31, 2022 |
|
$ |
(3,657 |
) |
|
$ |
(3,541 |
) |
|
$ |
(15,329 |
) |
|
$ |
(1,720 |
) |
|
$ |
(46,778 |
) |
|
$ |
— |
|
|
$ |
(71,025 |
) |
Depreciation |
|
|
(2,621 |
) |
|
|
(2,096 |
) |
|
|
(7,353 |
) |
|
|
(858 |
) |
|
|
(21,358 |
) |
|
|
— |
|
|
|
(34,286 |
) |
Disposals |
|
|
338 |
|
|
|
78 |
|
|
|
556 |
|
|
|
17 |
|
|
|
1,017 |
|
|
|
— |
|
|
|
2,006 |
|
Transferred to assets held for sale |
|
|
(39 |
) |
|
|
(1,171 |
) |
|
|
(3,975 |
) |
|
|
(66 |
) |
|
|
(7,635 |
) |
|
|
— |
|
|
|
(12,886 |
) |
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|
|
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|
|
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|
|
Balance, December 31, 2023 |
|
$ |
(5,979 |
) |
|
$ |
(6,730 |
) |
|
$ |
(26,101 |
) |
|
$ |
(2,627 |
) |
|
$ |
(74,754 |
) |
|
$ |
— |
|
|
$ |
(116,191 |
) |
|
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| During the year ended December 31, 2022, the Company exercised its option to acquire a 24-acre cultivation site in Vineland, New Jersey, referred to as Vineland 2, for approximately $9,750 and continued its capital expenditure into the facility.
|