NextPlat Corp Registration of securities issued in business combination transactions

Note 13 - Property and Equipment, Net

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Note 11. Property and Equipment, net

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

	*March 31, 2024*			*December 31, 2023*
	(Unaudited)			(Audited)
Building	$	2,116		$	2,116
Vehicles		585			595
Office furniture and fixtures		543			527
Land		184			184
Leasehold improvements		167			124
Computer equipment		117			117
Rental equipment		63			60
Appliques		2,160			2,160
Website development		611			587
Construction in progress		—			22
Property and equipment gross		6,546			6,492
Less: accumulated depreciation		(2,700	)		(2,503	)
Property and equipment, net	$	3,846		$	3,989

Depreciation expense was approximately $203,000 and $155,000 for the three months ended March 31, 2024 and 2023, respectively.

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.