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

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

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 years
Office Equipment			3 years
Leasehold Improvements			Shorter of lease term or useful life of asset

Property and equipment consisted of the following:


	December 31,
	2021		2020
	(in thousands)
Greenhouse facility	$	10,194	$	5,203
Equipment	3,683		1,621
Land	4,122		345
Leasehold improvements	3,947		—
Construction-in-progress	16,375		1,541
Right-of-use asset (lease)	55		—
Less: Accumulated depreciation	(971)		(287)
Property and equipment, net	$	37,405	$	8,423

Revenue by major product or service type is as follows:


	Year Ended December 31,
	2021		2020
	(in thousands)
Revenue from sale of produce	$	551	$	82
Revenue from sale of intellectual property	87		—
Total Revenue	$	638	$	82