Property and Equipment, Net
|12 Months Ended|
Dec. 31, 2020
|Property Plant And Equipment [Abstract]|
|PROPERTY AND EQUIPMENT, NET||
NOTE 6 – PROPERTY AND EQUIPMENT, NET
Property and equipment consisted of the following:
Depreciation and amortization expense related to property and equipment during the years ended December 31, 2020 and 2019 was $79,263 and $148,149, respectively.
As a result of the impairment test on long-lived assets described in “Note 5 – Goodwill and Intangible Assets,” the Company recorded in the first quarter of 2020 an impairment charge of $140.3 million to reduce the carrying value of property and equipment from $414.1 million to $273.8 million, representing its fair value on the date of impairment.
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.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef