Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

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Property and Equipment
 9 Months Ended
Sep. 30, 2017
Property, Plant and Equipment [Abstract]  
Property and Equipment

5. PROPERTY AND EQUIPMENT

 

Property and equipment consists of the following:

 

    September 30, 2017     December 31, 2016  
Leasehold improvements   $ 10,156,225     $ 10,363,996  
Restaurant furniture and equipment     5,979,837       6,716,926  
Construction in progress     325,706       582,265  
Office and computer equipment     68,303       68,303  
Land and buildings     -       826,664  
Office furniture and fixtures     108,030       108,030  
      16,638,101       18,666,184  
Accumulated depreciation and amortization     (7,631,901 )     (7,152,491 )
    $ 9,006,200     $ 11,513,693  

 

During 2017, the Company recognized asset impairment charges totaling $1.5 million related to the closure of two BGR locations and the potential sale of two Hooters locations. Property and equipment was written down by $2.3 million to reflect the asset held for sale, or closed, of net realizable value.