Quarterly report pursuant to Section 13 or 15(d)

Equipment on Lease, Net

v3.23.3
Equipment on Lease, Net
 9 Months Ended
Sep. 30, 2023
Leases [Abstract]  
Equipment on Lease, Net Equipment on Lease, Net
The equipment leased to customers had a cost basis of $7.4 million and accumulated depreciation of $0.4 million as of September 30, 2023. The equipment leased to customers had a cost basis of $10.6 million and accumulated depreciation of $1.5 million as of December 31, 2022.
The total depreciation expense was $0.1 million and $0.3 million included in cost of revenue for the three months ended September 30, 2023 and 2022, respectively. The total depreciation expense was $0.7 million and $1.3 million included in cost of revenue for the nine months ended September 30, 2023 and 2022, respectively.
Lease payments from customers consisted of the following:
Three Months Ended September 30, Nine Months Ended September 30,
2023 2022 2023 2022
(In thousands) (In thousands)
Equipment on lease payments $ 531  $ 923  $ 1,141  $ 2,637 
Equipment on lease variable payments —  260  —  405 
Total lease payments $ 531  $ 1,183  $ 1,141  $ 3,042 
The Company entered into debt secured by certain leased equipment to customers. See Note 9, Long-term Debt, for a description of these financing arrangements.