Property and Equipment, net |
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| Property and Equipment, net |
Note 5 - Property and Equipment, net
Property and equipment, net consist of the following (in thousands):
Depreciation and amortization related to property and equipment amounted to $3.1 million and $2.6 million for the years ended December 31, 2017 and 2016, respectively. The Company does not depreciate construction in progress, assets not yet put into service and restaurant supplies. Furniture, fixtures and equipment includes $1.4 million and $0.7 million of assets not yet put into service or classified as held for sale at December 31, 2017 and 2016, respectively.
In 2017, the Company determined that it would not open venues in Austin and Dallas, Texas. Accordingly, the Company wrote off gross fixed assets of $0.6 million.
In 2016, the Company closed STK Edinburgh and accordingly, wrote off $1.1 million in gross fixed assets and the related lease liabilities of $1.0 million, resulting in an impairment charge of $0.1 million.
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- References No definition available.
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- Definition The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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