Quarterly report pursuant to Section 13 or 15(d)

Equipment on Lease, Net

v3.22.2
Equipment on Lease, Net
 6 Months Ended
Jun. 30, 2022
Leases [Abstract]  
Equipment on Lease, Net Equipment on Lease, Net
The equipment leased to customers had a cost basis of $9.3 million and accumulated depreciation of $1.2 million as of June 30, 2022. The equipment leased to customers had a cost basis of $9.3 million and accumulated depreciation of $0.9 million as of December 31, 2021.
Total lease revenue earned for the three months ended June 30, 2022 and 2021 was $0.8 million and $0.2 million, respectively. Total lease revenue earned for the six months ended June 30, 2022 and 2021 was $1.7 million and $0.6 million, respectively. The total depreciation expense was $0.5 million and $0.1 million included in cost of revenue for the three months ended June 30, 2022 and 2021, respectively. The total depreciation expense was $0.9 million and $0.3 million included in cost of revenue for the six months ended June 30, 2022 and 2021, respectively.
During the three months ended June 30, 2022, the Company had two equipment on lease returned at the end of their operating lease terms and one system was sold through the exercise of the lease's purchase option. One returned equipment on lease was subsequently leased to another customer, and the other equipment on lease was converted to a demo unit at the Company’s European headquarters in Augsburg, Germany.
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.