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Assets for Lease, Net

3 Months Ended

Mar. 31, 2025

6. Assets for Lease, Net

The Company provides financing of certain equipment through operating leases (see Note 15 to the Unaudited Condensed Financial Statements). Assets for lease consist of the following:


	March 31,		December 31,
	2025		2024
Assets for lease	$	1,734	$	2,522
Less: accumulated depreciation		(265)		(1,099)
Assets for lease, net	$	1,469	$	1,423

Depreciation expense amounted to $60 and $77 for the three months ended March 31, 2025 and 2024, respectively. Reduction to accumulated depreciation for returned and retired items was $93 and $53 for the three months ended March 31, 2025 and 2024, respectively. Additionally, during the period ended March 31, 2025, the Company removed leased assets for $827 and depreciation for $800 for assets that are no longer in use, resulting in a net assets write-off of $27, which is included in cost of sales in the Unaudited Condensed Statements of Operations. The Company recognized a total loss on disposal of assets for lease in the amount of $105 and $189 for the three months ended March 31, 2025 and 2024, respectively. These losses primarily result from customer returns and scrap.