Annual report pursuant to Section 13 and 15(d)

Property and Equipment, Net

v3.21.1
Property and Equipment, Net
12 Months Ended
Dec. 31, 2020
Property, Plant and Equipment [Abstract]  
Property and Equipment, net

Note 7 – Property and Equipment, net

 

Property and equipment consist of the following:

 

    As of
December 31,
 
    2020     2019  
Software   $ -     $ 796,546  
Office equipment     868,309       776,250  
Computer equipment     495,643       484,643  
Esports gaming truck     1,222,406       1,222,406  
Furniture and fixtures     654,058       652,882  
Production equipment     7,841,985       7,876,423  
Leasehold improvements     4,645,760       12,622,010  
      15,728,161       24,431,160  
Less: accumulated depreciation and amortization     (6,452,432 )     (6,347,146 )
Property and equipment, net   $ 9,275,729     $ 18,084,014  

  

During the years ended December 31, 2020 and 2019, depreciation and amortization expense amounted to $3,605,539 and $3,548,810, respectively. During the year ended December 31, 2020, the Company recorded impairment expense of $5,595,557 related to its property and equipment.