FLYEXCLUSIVE INC
For the period ended Sep 30, 2024. Filed Nov 14, 2024.
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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.
Sep 30, 2024 · Filed Nov 14, 2024
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12. Property and Equipment, Net
- Property and Equipment, Net
Property and equipment, net consisted of the following:
| September 30,2024 | December 31,2023 | |
|---|---|---|
| Transportation equipment | $299,135 | $311,584 |
| Office furniture and equipment | 3,146 | 3,131 |
| Leasehold improvements | 2,306 | 2,306 |
| Construction in progress | 236 | 147 |
| Deposits on transportation equipment | 16,246 | 23,923 |
| 321,069 | 341,091 | |
| Less: Accumulated depreciation | (84,024) | (87,115) |
| Property and equipment, net | $237,045 | $253,976 |
Depreciation expense of property and equipment was $5,774 and $18,291, respectively for the three and nine months ended September 30, 2024, and $6,416 and $19,341 for the three and nine months ended September 30, 2023. The net carrying value of disposals of long-lived assets as of September 30, 2024 and December 31, 2023 was $23,435 and $66,986, 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. Capitalized interest was $0 as of September 30, 2024 and December 31, 2023, and was included as a component of construction in progress prior to the equipment’s in-service date.
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