FLYEXCLUSIVE INC.
For the period ended Jun 30, 2025. Filed Aug 13, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 13, 2025
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12. Property and Equipment, Net
Property and Equipment, Net
Property and equipment, net consisted of the following:
| June 30,2025 | December 31,2024 | |
|---|---|---|
| Transportation equipment | $303,458 | $329,416 |
| Office furniture and equipment | 3,216 | 3,216 |
| Leasehold improvements | 2,407 | 2,328 |
| Construction in progress | 236 | 236 |
| Deposits on transportation equipment | 17,269 | 14,165 |
| 326,586 | 349,361 | |
| Less: Accumulated depreciation | (93,805) | (89,487) |
| Property and equipment, net | $232,781 | $259,874 |
Depreciation expense of property and equipment was$5,247 and $10,974, respectively for the three and six months ended June 30, 2025 and $6,338 and $12,517 for thethree and six months ended June 30, 2024. The net carrying value of disposals of long-lived assets as of June 30, 2025 and December 31, 2024 was $21,853 and $23,449, respectively.
Interest payments on borrowings to acquire aircraft are capitalized for the month of acquisition when the aircraft’s in-service date begins following the 15th of the month. Interest payments for the month of acquisition would be expensed if the aircraft is placed into service before the 15th of the month. There wasno capitalized interest as of June 30, 2025 and December 31, 2024, and was included as a component of construction in progress prior to the equipment’s in-service date.
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