FLYEXCLUSIVE INC.
For the period ended Dec 31, 2024. Filed Mar 24, 2025.
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FY2024 · Filed Mar 24, 2025
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12. Property and Equipment, Net
- Property and Equipment, Net
Property and equipment, net consisted of the following:
| December 31,2024 | December 31,2023 | |
|---|---|---|
| Transportation equipment | $329,416 | $311,584 |
| Office furniture and equipment | 3,216 | 3,131 |
| Leasehold improvements | 2,328 | 2,306 |
| Construction in progress | 236 | 147 |
| Deposits on transportation equipment | 14,165 | 23,923 |
| 349,361 | 341,091 | |
| Less: Accumulated depreciation | (89,487) | (87,115) |
| Property and equipment, net | $259,874 | $253,976 |
Depreciation expense of property and equipment for the years ended December 31, 2024 and 2023, was $23,740 and $25,833, respectively. The net carrying value of disposals of long-lived assets as of December 31, 2024 and 2023 was $23,449 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 waszero for both periods ending December 31, 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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