Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment, Net

v3.23.1
Property and Equipment, Net
 3 Months Ended
Mar. 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):
March 31, 2023 December 31, 2022
Furniture and Equipment $ 180  $ 224 
Computer Equipment 213  315 
Leasehold Improvements 2,258  2,273 
Software 163  263 
Production Equipment —  23 
Property and Equipment, Gross 2,814  3,098 
Less Accumulated Depreciation (471) (530)
Foreign Currency Translation Adjustment (168) (168)
Property and Equipment, Net $ 2,175  $ 2,400 
During the three months ended March 31, 2023 and 2022, the Company recorded depreciation expense of $121,607 and $37,051, respectively.
During the three months ended March 31, 2023, due to changes in the Company's estimated undiscounted future cash flows, a reassessment of its long-lived assets was performed. As a result, the carrying value of one of the Company's asset groups property and equipment assets were written down to zero and an Impairment of Property and Equipment of $119,727 was recorded within Operating Expenses in the condensed consolidated statement of operations.