Property and Equipment, Net
|9 Months Ended|
Sep. 30, 2022
|Property, Plant and Equipment [Abstract]|
|Property, and Equipment, Net||Property and Equipment, Net
Property and equipment, net is comprised of the following:
Total depreciation expense was $1.4 million and $0.9 million for the three months ended September 30, 2022 and 2021, respectively, and was $4.1 million and $1.7 million for the nine months ended September 30, 2022 and 2021, respectively. Property and equipment that is fully depreciated as of the last day of a fiscal year is written off during the first quarter of the following year. On January 1, 2022, the Company established a policy to classify all capitalized software, website design and software systems as property and equipment, resulting in a reclassification of such assets and related depreciation and amortization from intangible assets, net, to property and equipment, net.
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