Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.22.2.2
Property and Equipment
 9 Months Ended
Sep. 30, 2022
Property, Plant and Equipment [Abstract]  
Property and Equipment

4. Property and Equipment

 

Property and equipment, consists of the following:

 

(in thousands)   September 30,
2022
(unaudited)		     December 31,
2021
(unaudited)		  
Computer hardware, software and equipment   $ 7,032     $ 6,212  
Leasehold improvements     452       514  
Furniture and fixtures     70       75  
Construction in progress     7      
—
  
      7,561       6,801  
Less: accumulated depreciation     (6,258 )     (5,819 )
Property and equipment, net   $ 1,303     $ 982  

 

The Company recorded depreciation expense of $0.2 million during each of the three months ended September 30, 2022 and 2021 and $0.6 million and $0.5 million for the nine months ended September 30, 2022 and 2021, respectively.

 

As disclosed in Note 2 under Foreign Currency Transactions, Translations and Foreign Operations, the functional currency of our foreign operations in Bangladesh and India is the local currency, therefore the balance of property and equipment and accumulated depreciation are translated at the month end rate, which impacted the balance individually, with a decrease of $0.2 million of the property and equipment and accumulated depreciation, respectively.