XML 25 R14.htm IDEA: XBRL DOCUMENT v3.24.3
Property and Equipment, net
 9 Months Ended
Sep. 30, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment, net

Note 6: Property and Equipment, net

 

The Company has property and equipment as follows (in thousands):

 

          
   As of 
   September 30, 2024   December 31, 2023 
Furniture and Equipment  $117   $117 
Computer Equipment   226    219 
Leasehold Improvements   2,208    2,200 
Software   250    192 
Property and Equipment, gross   2,801    2,728 
           
Less Accumulated Depreciation   (985)   (724)
Foreign Currency Translation Adjustment   (161)   (127)
Property and Equipment, net  $1,655   $1,877 

 

During the three months ended September 30, 2024 and September 30, 2023, the Company recorded depreciation expense of $0.1 million and $0.1 million, respectively. During the nine months ended September 30, 2024 and September 30, 2023, the Company recorded depreciation expense of $0.3 million and $0.3 million, respectively.

 

The Company did not incur any impairment charges on its property and equipment during the three and nine months ended September 30, 2024.

 

Due to a lease termination effective August 1, 2023, $0.1 million of property and equipment was written down to zero and recorded in loss on lease termination within Other Income (Expense), net on the condensed consolidated statement of operations during the three and nine months ended September 30, 2023. In addition, during the first quarter of 2023, due to changes in the Company's estimated undiscounted future cash flows, a reassessment of its long-lived assets was performed. As a result, the carrying value of one of the Company's asset group’s property and equipment assets were written down to zero and an Impairment of Property and Equipment of $0.1 million was recorded within Operating Expenses in the condensed consolidated statement of operations.