Local Bounti Corporation General form of registration statement for all companies including face-amount certificate companies

General form of registration statement for all companies including face-amount certificate companies

Property and Equipment

Property and Equipment

3 Months Ended

12 Months Ended

Mar. 31, 2022

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment

4. Property and Equipment

Property and equipment consisted of the following:


	March 31,			December 31,
	2022			2021

	(in thousands)
Greenhouse facility	$	11,033		$	10,194
Equipment		4,986			3,683
Land		3,991			4,122
Leasehold improvements		3,947			3,947
Construction-in-progress		21,549			16,375
Less: Accumulated depreciation		(1,512	)		(971	)

Property and equipment, net	$	43,994		$	37,350

Depreciation expense related to property and equipment was $541 thousand and $124 thousand for the three months ended March 31, 2022 and 2021, respectively.

5. Property and Equipment

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

Depreciation expense related to property and equipment was $684 thousand and $287 thousand for the years ended December 31, 2021 and 2020, respectively.