Annual report pursuant to Section 13 and 15(d)

Property & Equipment

v3.22.1
Property & Equipment
 12 Months Ended
Dec. 31, 2021
Property, Plant and Equipment [Abstract]  
Property & Equipment Property & Equipment
Property and equipment consisted of the following:

(in thousands) December 31, 2021 December 31, 2020
Leasehold improvements $ 19,900  $ 5,477 
Kitchen equipment and other equipment 7,810  1,548 
Computers and office equipment 1,425  208 
Furniture and fixtures 2,340  792 
Vehicles 88  27 
31,563  8,052 
Less: Accumulated depreciation and amortization (2,528) (48)
Property and equipment – net $ 29,035  $ 8,004 

Depreciation expense for the year ended December 31, 2021 was $2.5 million. 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 was $1.0 million. In conjunction with the BurgerFi acquisition and Anthony's acquisition, the basis of all property and equipment was recognized at fair value in purchase accounting.
The Company's long-lived assets are reviewed for impairment at the end of each reporting period and whenever there are triggering events that require us to perform this review. The Company recorded $0.6 million of property and equipment impairment during the year ended December 31, 2021. Refer to Note 6 Impairment.