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PROPERTY AND EQUIPMENT, NET
 9 Months Ended
Sep. 30, 2021
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT, NET

NOTE 6 – PROPERTY AND EQUIPMENT, NET

 

As of September 30, 2021 and December 31, 2020 property and equipment consists of the following:

 

  

September 30,

2021

  

December 31,

2020

 
         
Furniture and equipment  $1,373,405   $1,143,320 
Vehicles   55,000    - 
Leasehold improvements   2,174,899    1,940,907 
Property and equipment, gross   3,603,304    3,084,227 
Less: accumulated depreciation and amortization   (1,114,639)   (741,504)
Property and equipment, net  $2,488,665   $2,342,723 

 

Depreciation expense amounted to $146,656 and $435,421 for the three and nine months ended September 30, 2021, respectively. Depreciation expense amounted to $64,030 and $240,716 for the three and nine months ended September 30, 2020, respectively. During the three and nine months ended September 30, 2021, the Company wrote off property and equipment with an original cost value of $0 and $99,313 related to a closed location and a future location that was terminated due to the economic environment as a result of COVID-19 and recorded a loss on disposal of $0 and $37,027 after accumulated depreciation of $0 and $62,286 in the unaudited condensed consolidated statement of operations. During the three and nine months ended September 30, 2020, the Company wrote off property and equipment with an original cost value of $151,111 related to a closed location and a future location that was terminated due to the economic environment as a result of COVID-19 and recorded a loss on disposal of $41,480 after accumulated depreciation of $109,631 in the unaudited condensed consolidated statement of operations.

 

 

MUSCLE MAKER, INC. AND SUBSIDIARIES

Notes to Unaudited Condensed Consolidated Financial Statements