Annual report pursuant to Section 13 and 15(d)

Property and Equipment

v3.8.0.1
Property and Equipment
12 Months Ended
Dec. 31, 2017
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Disclosure [Text Block]
Note 7 – Property and Equipment
 
Property and equipment consist of the following at December 31:
 
 
 
2017
 
2016
 
(in thousands)
 
 
 
 
 
 
 
Land and improvements
 
$
400
 
$
400
 
Buildings and leasehold improvements
 
 
6,102
 
 
5,022
 
Machinery and equipment
 
 
19,256
 
 
15,712
 
Gross property and equipment
 
 
25,758
 
 
21,134
 
Less: Accumulated depreciation
 
 
(7,840)
 
 
(2,593)
 
Property and equipment, net of accumulated depreciation
 
$
17,918
 
$
18,541
 
 
The cost of assets recorded under capital leases was $7.8 million and $6.2 million at December 31, 2017 and 2016, respectively. Accumulated depreciation on these capital leases was $4.0 million and $1.4 million at December 31, 2017 and 2016, respectively. The depreciation expense from assets recorded under capital leases is included in depreciation.
 
Depreciation expense was $5.5 million for the year ended December 31, 2017 (Successor), $2.6 million for the period from July 20, 2016 through December 31, 2016 (Successor) and $1.6 million for the period from January 1, 2016 through July 19, 2016 (Predecessor).
 
On December 30, 2016 the Company sold a building and land in Sanford, Florida for total consideration received of $2.0 million. As a result of the sales transaction, the Company recorded a net loss on the sale in the amount of $0.2 million which is recorded in the Successor Consolidated Statement of Operations for the period July 20, 2016 through December 31, 2016.