Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment, Net

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Property and Equipment, Net
 9 Months Ended
Sep. 30, 2023
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net Property and Equipment, Net
The Company has property and equipment as follows (in thousands):
September 30, 2023 December 31, 2022
Furniture and Equipment $ 117  $ 224 
Computer Equipment 222  315 
Leasehold Improvements 2,200  2,273 
Software 204  263 
Production Equipment —  23 
Property and Equipment, Gross 2,743  3,098 
Less Accumulated Depreciation (633) (530)
Foreign Currency Translation Adjustment (161) (168)
Property and Equipment, Net $ 1,949  $ 2,400 
During the three months ended September 30, 2023 and 2022, the Company recorded depreciation expense of $0.1 million for both respective periods. During the nine months ended September 30, 2023 and 2022, the Company recorded depreciation expense of $0.3 million and $0.2 million, respectively.
Due to the lease termination effective August 1, 2023, $0.1 million of property and equipment was written down to zero and recorded in Loss on Lease Termination within Other Expense, net on the condensed consolidated statement of operations during the three and nine months ended September 30, 2023. In addition, during the first quarter of 2023, a reassessment of the Company’s long-lived assets was performed due to changes in its estimated undiscounted future cash flows. As a result, a loss of $0.1 million was recorded as an Impairment of Property and Equipment within Operating Expenses on the condensed consolidated statement of operations during the nine months ended September 30, 2023.
The Company did not incur any impairment charges or write-downs during the nine months ended September 30, 2022.