Property And Equipment, Net

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment, Net [Abstract]

PROPERTY AND EQUIPMENT, NET

Property and equipment, net consists of the following (in thousands):



	March 31, 2022			December 31, 2021
Leasehold improvements	$	21,365		$	20,446
Furniture and fixtures		2,244			2,173
Office equipment		807			591
Computer equipment		107			107
Vehicles		66			66
Vehicle equipment		283			283
		24,872			23,666
Less: accumulated depreciation		(8,500	)		(7,721	)
Property and equipment, net	$	16,372		$	15,945

Total depreciation expense related to property and equipment, net was $1.1 million and $0.9 million for the three months ended March 31, 2022 and 2021, respectively. There were no events or changes in circumstances which indicated that the carrying value of our long-lived asset groups may not be recoverable during the period ending March 31, 2022.

In the period following March 31, 2022, there has been a subsequent decline in our market capitalization, based on our publicly quoted share price. Further, on May 16, 2022 the Company announced that its board of directors has initiated a review of strategic alternatives, including a potential sale, merger or other strategic transaction (see Note 1). These events and changes in circumstances could indicate the carrying amount of our long-lived asset groups may not be recoverable and will require further testing to determine whether there is a potential impairment in subsequent reporting periods.