Post-effective amendment to a registration statement that is not immediately effective upon filing

Property & Equipment

v3.21.2
Property & Equipment
 9 Months Ended 12 Months Ended
Sep. 30, 2021
Dec. 31, 2020
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
Septembe
r
 30, 2021 was $387,000 and $1,042,000, respectively. Depreciation expense for the Predecessor period for the three and
nine
 
months ended
Septembe
r
 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.
3. Property & Equipment
Property and equipment consisted of the following (in thousands):
 
    
Successor
2020
      Predecessor
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.