PROPERTY AND EQUIPMENT, NET
|9 Months Ended|
Sep. 30, 2023
|Property, Plant and Equipment [Abstract]|
|PROPERTY AND EQUIPMENT, NET||
NOTE 3 – PROPERTY AND EQUIPMENT, NET
Property and equipment are stated at cost and depreciated or amortized using the straight-line method based on useful lives as follows (in thousands):
SCHEDULE OF PROPERTY AND EQUIPMENT
Depreciation expense was $0.5 million and $0.8 million for the three months ended September 30, 2023 and 2022, respectively, and $1.8 million and $2.3 million for the nine months ended September 30, 2023 and 2022, respectively.
On March 31, 2022, the Company announced that it was pursuing a strategic partner to take over development activities of ABO-102 and that it was discontinuing development of ABO-101. As a result, the Company determined the construction-in-progress that was dedicated to the ABO-101 and ABO-102 programs had no future value, and thus recorded an impairment charge of $1.8 million for the nine months ended September 30, 2022.
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://fasb.org/us-gaap/role/ref/legacyRef