Prepaid and Other Assets

 

Prepaid and other assets consist of the following (in thousands):

 

Property and Equipment, net

 

Property and equipment held for use by category are presented in the following table (in thousands):

Depreciation expense was $1,000 during each of the three month periods ended September 30, 2022 and 2021 and $3,000 during each of the nine month periods ended September 30, 2022 and 2021.

Accrued Expenses

 

Accrued expenses consist of the following (in thousands):

 

Short-Term Loan

The Company entered into an unsecured short-term loan (the “Loan”) agreement in the amount of $0.6 million in November 2021 related to financing an insurance policy.  The Loan was payable in six monthly installments of $108,000 beginning in December 2021.  The Loan had an annual interest rate of 5.5% per annum.  Interest expense in the amount of $9,000 was recognized in connection with the Loan during the nine months ended September 30, 2022. The final payment on the Loan was made in May 2022.