Quarterly report pursuant to Section 13 or 15(d)

Property & Equipment

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

3. Property & Equipment

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

 

 

 

June 30,

2021

 

 

December 31,

2020

 

Leasehold improvements

 

$

8,686

 

 

$

5,477

 

Kitchen equipment and other equipment

 

 

1,557

 

 

 

1,548

 

Computers and office equipment

 

 

456

 

 

 

208

 

Furniture & fixtures

 

 

1,117

 

 

 

792

 

Vehicles

 

 

28

 

 

 

27

 

 

 

 

11,844

 

 

 

8,052

 

Less: Accumulated depreciation

 

 

(703

)

 

 

(48

)

Property and equipment – net

 

$

11,141

 

 

$

8,004

 

 

Depreciation expense for the Successor period for the three and six months ended June 30, 2021 was $350,000 and $655,000, respectively. Depreciation expense for the Predecessor period for the three and six months ended June 30, 2020 was $249,000 and $486,000, 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 $2,165,000 and $103,000 as of June 30, 2021 and December 31, 2020 related to construction in progress. Such amounts are not depreciated until placed into service.