PROPERTY AND EQUIPMENT, NET
|12 Months Ended|
Dec. 31, 2021
|Property, Plant and Equipment [Abstract]|
|PROPERTY AND EQUIPMENT, NET||
6. PROPERTY AND EQUIPMENT, NET
Property and equipment, net consists of the following:
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT
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 for each quarter end in 2021 and 2020, including December 31, 2021 and 2020. Several stores were permanently or temporarily closed during 2020 while others are operating at reduced capacity. Based on the assessment of recoverability, an impairment charge of $0.4 million and $0.8 million for property and equipment was recorded during the years ended December 31, 2021 and 2020, respectively.
Depreciation expense was $0.6 million and $1.2 million for the years ended December 31, 2021 and 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