PROPERTY AND EQUIPMENT, NET
|3 Months Ended|
Mar. 31, 2022
|Property, Plant and Equipment [Abstract]|
|PROPERTY AND EQUIPMENT, NET||
5. PROPERTY AND EQUIPMENT, NET
Property and equipment, net consists of the following:
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT
As of March 31, 2021, we performed an analysis of the recoverability of the carrying value of our property and equipment. Based on the analysis, an impairment charge of approximately $0.3 million was recorded for the three months ended March 31, 2021. The impairment recognized during the three months ended March 31, 2021 was primarily the result of the impact of the COVID-19 outbreak in the United States, which had a significant impact throughout the hospitality industry. The impact varied by state/geographical area within the United States at various intervals during the pandemic and, therefore, the operating results and cash flows at the store level varied significantly.
Depreciation expense was $0.1 million for each of the three months ended March 31, 2022 and 2021.
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