Quarterly report pursuant to Section 13 or 15(d)

Property & Equipment

v3.21.2
Property & Equipment
 9 Months Ended
Sep. 30, 2021
Property Plant And Equipment [Abstract]  
Property & Equipment

3. Property & Equipment

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

 

 

 

September 30,

2021

 

 

December 31,

2020

 

Leasehold improvements

 

$

12,181

 

 

$

5,477

 

Kitchen equipment and other equipment

 

 

2,346

 

 

 

1,548

 

Computers and office equipment

 

 

553

 

 

 

208

 

Furniture & fixtures

 

 

1,099

 

 

 

792

 

Vehicles

 

 

33

 

 

 

27

 

 

 

 

16,212

 

 

 

8,052

 

Less: Accumulated depreciation

 

 

(1,090

)

 

 

(48

)

Property and equipment – net

 

$

15,122

 

 

$

8,004

 

 

Depreciation expense for the Successor period for the three and nine months ended September 30, 2021 was $387,000 and $1,042,000, respectively. Depreciation expense for the Predecessor period for the three and nine months ended September 30, 2020 was $299,000 and $785,000, respectively. In conjunction with the Business Combination, the basis of all property and equipment was recognized at fair value in purchase accounting.

Included within Leasehold improvements is approximately $3,972,000 and $103,000 as of September 30, 2021 and December 31, 2020 related to construction in progress. Such amounts are not depreciated until placed into service.