Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.19.3
Property and Equipment
 9 Months Ended
Sep. 30, 2019
Property and Equipment  
Property and Equipment

Note 5 - Property and Equipment

Mustang’s property and equipment consisted of the following ($ in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

Estimated Useful

 

 

September 30, 

 

 

December 31, 

 

    

 Life (in years)

    

 

2019

    

2018

Computer equipment

 

3

 

$

53

  

$

53

Furniture and fixtures

 

5

 

 

137

 

 

111

Machinery and equipment

 

5

 

 

3,960

 

 

3,143

Leasehold improvements

 

9

 

 

3,875

 

 

3,790

Construction in process

 

N/A

 

 

1,011

 

 

393

Total property and equipment

 

  

 

 

9,036

 

 

7,490

Less: accumulated depreciation

 

  

 

 

(1,539)

 

 

(632)

Property and equipment, net

 

  

 

$

7,497

  

$

6,858

 

Depreciation expense for the three months ended September 30, 2019 and 2018, was approximately $0.3 million and $0.2 million, respectively, and was recorded in research and development expense in the Condensed Statements of Operations. Depreciation expense for the nine months ended September 30, 2019 and 2018, was approximately $0.9 million and $0.3 million, respectively, and was recorded in research and development expense in the Condensed Statements of Operations.