PROPERTY AND EQUIPMENT
|6 Months Ended|
Jun. 30, 2020
|Property, Plant and Equipment [Abstract]|
|PROPERTY AND EQUIPMENT||
Property and equipment consisted of the following:
Depreciation expense amounted to $53,787 and $11,851 for the six months ended June 30, 2020 and 2019, respectively and $27,060 and $11,851 for the three months ended June 30, 2020 and 2019, respectively. During the six months ended June 30, 2020, the Company recorded impairment expense of $17,871 which was equivalent to the remaining net book value of leasehold improvement related to a commercial lease with Skybar Holding, LLC. During the second quarter of fiscal 2020, the Company has determined that the commercial lease is unenforceable and should not have been accounted for under ASC 842 (see Note 14).
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