NextPlat Corp Annual report pursuant to Section 13 and 15(d)

Note 13 - Property and Equipment, Net

12 Months Ended

Dec. 31, 2023

Note 13. Property and Equipment, net

Property and equipment consisted of the following (in thousands):

	*December 31, 2023*			*December 31, 2022*
Building	$	2,116		$	-
Vehicles		595			-
Office furniture and fixtures		527			128
Land		184			-
Leasehold improvements		124			48
Computer equipment		117			72
Rental equipment		60			38
Appliques		2,160			2,160
Website development		587			665
Construction in progress		22			-
Property and equipment gross		6,492			3,111
Less: accumulated depreciation		(2,503	)		(1,865	)
Property and equipment, net	$	3,989		$	1,246

Depreciation expense was approximately $758,000 and $465,000 for the twelve months ended December 31, 2023 and 2022, respectively.

The increase in property and equipment was attributable to the consolidation of Progressive Care as of July 1, 2023.