Property and Equipment, Net
|9 Months Ended|
Sep. 30, 2020
|Property, Plant and Equipment [Abstract]|
|Property and Equipment, Net||
5. PROPERTY AND EQUIPMENT, NET
Property and equipment, net consists of the following at September 30, 2020 and December 31, 2019:
As discussed in Note 1, the COVID-19 outbreak in the United States has resulted in a significant impact throughout the hospitality industry. The impact has varied by state/geographical area within the United States at various intervals since the pandemic has been declared. Accordingly, the operating results and cash flows at the store level have varied significantly leading to an analysis of impairment at the store level in the three months ended September 30, 2020. Several stores were permanently closed during the period while others are operating at reduced capacity. Based on the assessment of recoverability, an impairment charge of $555,702 and $685,333 for property and equipment was recorded for the three and nine month periods ended September 30, 2020, respectively.
The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef