Annual report pursuant to Section 13 and 15(d)

Property & Equipment

v3.21.1
Property & Equipment
 12 Months Ended
Dec. 31, 2020
Property Plant And Equipment [Abstract]  
Property & Equipment

3.

Property & Equipment

Property and equipment consisted of the following (in thousands):

 

 

 

Successor

 

 

 

Predecessor

 

 

 

2020

 

 

 

2019

 

Leasehold improvements

 

$

5,477

 

 

 

$

5,724

 

Machinery & equipment

 

 

1,360

 

 

 

 

2,821

 

Computer equipment

 

 

208

 

 

 

 

560

 

Furniture & fixtures

 

 

792

 

 

 

 

1,278

 

Vehicles

 

 

215

 

 

 

 

50

 

 

 

 

8,052

 

 

 

 

10,433

 

Less: Accumulated depreciation and amortization

 

 

(48

)

 

 

 

(4,132

)

Property and equipment – net

 

$

8,004

 

 

 

$

6,301

 

 

 

Depreciation expense for the Successor period from December 16, 2020 to December 31, 2020 was $48,000. Depreciation expense for the Predecessor period from January 1, 2020 to December 15, 2020 and for the twelve-month period ended December 31, 2019, was $1,025,000 and $795,000, respectively. In conjunction with the Business Combination, the basis of all property and equipment was recognized at fair value in purchase accounting.