Annual report pursuant to Section 13 and 15(d)

Property and Equipment, net

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Property and Equipment, net
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Property and Equipment, net Property and Equipment, net
The Company has property and equipment as follows (in thousands):
As of December 31,
2023 2022
Furniture and Equipment $ 117  $ 224 
Computer Equipment 219  315 
Leasehold Improvements 2,200  2,273 
Software 192  263 
Production Equipment –  23 
Property and Equipment, Gross 2,728  3,098 
Less Accumulated Depreciation (724) (530)
Foreign Currency Translation Adjustment (127) (168)
Property and Equipment, net $ 1,877  $ 2,400 
During the years ended December 31, 2023 and 2022, the Company recorded depreciation expense of $0.4 million for both respective periods.
The Company terminated its New Jersey office lease effective August 1, 2023. The property and equipment that would no longer be utilized was written down to zero, resulting in a $0.1 million loss, recorded as Loss on Lease Termination within Other Income (Expense), net on the consolidated statement of operations in the year ended December 31, 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 consolidated statement of operations in the year ended December 31, 2023.
The Company did not incur any impairment charges or write-downs during the year ended December 31, 2022.