Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment, Net

v3.23.2
Property and Equipment, Net
 6 Months Ended
Jun. 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):
June 30, 2023 December 31, 2022
Furniture and Equipment $ 180  $ 224 
Computer Equipment 212  315 
Leasehold Improvements 2,259  2,273 
Software 184  263 
Production Equipment —  23 
Property and Equipment, Gross 2,835  3,098 
Less Accumulated Depreciation (572) (530)
Foreign Currency Translation Adjustment (127) (168)
Property and Equipment, Net $ 2,136  $ 2,400 
During the three months ended June 30, 2023 and 2022, the Company recorded depreciation expense of $0.1 million and $0.2 million, respectively. During the six months ended June 30, 2023 and 2022, the Company recorded depreciation expense of $0.2 million for both respective periods.
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 was 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.