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

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

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			10 to 15 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,
	2022		2021
	(in thousands)
Machinery, equipment, and vehicles	$	32,774	$	3,683
Land	19,296		4,122
Buildings and leasehold improvements	55,392		14,141
Construction-in-progress	56,753		16,375
Less: Accumulated depreciation	(6,371)		(971)
Property and equipment, net	$	157,844	$	37,350

Revenue by major product or service type is as follows:


	Year Ended December 31,
	2022		2021
	(in thousands)
Revenue from sale of produce	$	19,474	$	551
Revenue from sale of intellectual property	—		87
Total revenue	$	19,474	$	638