Annual report pursuant to Section 13 and 15(d)

Property and Equipment

v3.23.1
Property and Equipment
 12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
Property and Equipment

4. Property and Equipment

 

The following is a summary of the components of property and equipment (in thousands):

 

    2022     2021  
    As of December 31,  
    2022     2021  
Manufacturing and lab equipment   $ 6,192     $ 4,286  
Leasehold improvements     951       936  
Software and computer equipment     741       696  
Furniture and equipment     119       82  
Property and equipment, gross     8,003       6,000  
Less: accumulated depreciation     (2,312 )     (1,975 )
Property and equipment, net   $ 5,691     $ 4,025  

 

Depreciation expense for 2022 and 2021 was approximately $0.3 million and approximately $0.2 million, respectively.

 

Of the $6.2 million in manufacturing and lab equipment listed as of December 31, 2022, $4.3 million is related to the purchase of equipment for SINTX Armor. As explained in Note 1, on July 20, 2021, the Company acquired the equipment and obtained certain intellectual know how with which it intends to develop, manufacture and commercialize protective armor plates from boron carbide and a composite material of silicon carbide and boron carbide for military, law enforcement and civilian uses.

 

As of December 31, 2022, the SINTX Armor assets have not yet been placed in service, nor has the Company recognized any depreciation expense associated with these assets. The assets were placed into service in Q1 2023 (see Note 16).