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Property and Equipment, net | 12 Months Ended
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Dec. 31, 2023
Property, Plant and Equipment [Abstract] |
Property and Equipment, net | Property and Equipment, net The Company has property and equipment as follows (in thousands):
| As of December 31,
| 2023 |  | 2022
Furniture and Equipment | $ | 117 |  |  | $ | 224 |
Computer Equipment | 219 |  |  | 315 |
Leasehold Improvements | 2,200 |  |  | 2,273 |
Software | 192 |  |  | 263 |
Production Equipment | – |  |  | 23 |
Property and Equipment, Gross | 2,728 |  |  | 3,098 |
Less Accumulated Depreciation | (724) |  |  | (530) |
Foreign Currency Translation Adjustment | (127) |  |  | (168) |
Property and Equipment, net | $ | 1,877 |  |  | $ | 2,400 |
During the years ended December 31, 2023 and 2022, the Company recorded depreciation expense of $0.4 million for both respective periods. The Company terminated its New Jersey office lease effective August 1, 2023. The property and equipment that would no longer be utilized was written down to zero, resulting in a $0.1 million loss, recorded as Loss on Lease Termination within Other Income (Expense), net on the consolidated statement of operations in the year ended December 31, 2023. In addition, during the first quarter of 2023, a reassessment of the Company’s long-lived assets was performed due to changes in its estimated undiscounted future cash flows. As a result, a loss of $0.1 million was recorded as an Impairment of Property and Equipment within Operating Expenses on the consolidated statement of operations in the year ended December 31, 2023. The Company did not incur any impairment charges or write-downs during the year ended December 31, 2022.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-7 + Details
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