Note 5 – Property and Equipment

Depreciation expense for the years ended December 31, 2025, 2024 and 2023 was $4,574, $6,067 and $5,560, respectively.

During the year ended December 31, 2025, the Company determined that the carrying amount of certain property and equipment assets exceeded their fair values and recorded an impairment of $2,306. The impairment charges were primarily related to software assets of BFT, for which the Company no longer had established cash flows to support continued recognition of such assets. The fair values of software assets were determined by assumptions that are considered Level 3 inputs. The Company recorded an impairment of $2,237 for the year ended December 31, 2024 primarily related to a software asset for which the Company no longer had established cash flows to support continued recognition of such asset. The Company recorded an impairment of $985 for the year ended December 31, 2023 primarily related to leasehold improvements of the Rumble Held for Sale Studios. Property and equipment impairment expenses are included within impairment of goodwill and other noncurrent assets in the Company's consolidated statements of operations.