Local Bounti Corporation Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which are as follows:


Asset Class			Estimated Useful Life
Greenhouse facility			30 years
Production Equipment			5 to 15 years
Office Equipment			3 years
Leasehold Improvements			Shorter of lease term or useful life of asset

Property and equipment, net consisted of the following:


	December 31,
	2023		2022
	(in thousands)
Machinery, equipment, and vehicles	$	44,169	$	32,774
Land	19,253		19,296
Buildings and leasehold improvements	66,754		55,392
Construction-in-progress	196,324		56,753
Less: Accumulated depreciation	(13,334)		(6,371)
Property and equipment, net	$	313,166	$	157,844