Overstock.com 2003 Annual Report Download - page 59

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December 31,
2002 2003
Computer hardware and software $ 5,386 $ 9,249
Furniture and equipment 3,908 6,738
Leasehold improvements 12 146
9,306 16,133
Less: accumulated depreciation (4,361) (6,650)
$ 4,945 $ 9,483
Depreciation of property and equipment totaled $1,712, $1,842, and $2,289 for the years ended December 31, 2001, 2002 and 2003, respectively.
Property and equipment included assets under capital leases of $856 and $976 at December 31, 2002 and 2003, respectively and accumulated
amortization related to assets under capital leases of $691 and $824, respectively.
F-15
8. OTHER LONG-TERM ASSETS
Other long-term assets consist of the following:
December 31,
2002 2003
Domain names $151 $ 323
Deposits 213 220
364 543
Less: accumulated amortization (80) (116)
$284 $ 427
Amortization for other long-term assets totaled $23, $31 and $36 for the years ended December 31, 2001, 2002 and 2003, respectively.
9. ACCRUED LIABILITIES
Accrued liabilities consist of the following:
December 31,
2002 2003
Inventory received but not invoiced $2,734 $1,126
Reserve for returns 465 1,110
Accrued payroll and other related costs 673 850
Other accrued expenses 604 1,582
Accrued marketing expenses 1,233 2,674
Merchant processing accrual 444 1,313
Accrued freight 24 661
Deferred revenue 232 —
$6,409 $9,316
10. BORROWINGS
On May 22, 2002, the Company entered into a $1,000 revolving credit agreement (the "Revolving Credit Facility") with Wells Fargo Bank, N.A. The
proceeds are to be used for issuing standby and commercial letters of credit for the purchase of inventory. The Revolving Credit Facility was increased to
$2,000 on October 9, 2003. The Revolving Credit Facility expires on June 30, 2004. As of December 31, 2003, there were no borrowings under this
agreement; however, the Company has issued letters of credit totaling $1,882 under this facility. Effective February 23, 2004, the Company increased this
Revolving Credit Facility to $3,500.
F-16
Capital leases
Future minimum lease payments under capital leases are as follows: