Quarterly report pursuant to Section 13 or 15(d)

Equipment on Lease, Net

v3.21.2
Equipment on Lease, Net
 9 Months Ended
Sep. 30, 2021
Leases [Abstract]  
Equipment on Lease, Net Equipment on Lease, NetThe equipment leased to customers had a cost basis of $8.4 million and accumulated depreciation of $0.7 million as of September 30, 2021. Total lease revenue earned for the three and nine months ended September 30, 2021 was $0.6 million and $1.2 million, respectively. The total depreciation expense was $0.2 million and $0.5 million and included in cost of revenue for the three and nine months ended September 30, 2021, respectively. The total depreciation expense was $0.1 million for both the three and nine months ended September 30, 2020. The total lease revenue earned for the three and nine months ended September 30, 2020 was $0.1 million for both periods.
As of December 31, 2020, there were four 3D Printers (equipment) leased to customers. The equipment leased to customers had a cost basis of $3.0 million and accumulated depreciation of $0.2 million as of December 31, 2020.
The Company entered into debt secured by certain leased equipment to customers. The proceeds received were recognized as a financial liability under long-term debt. Remaining lease payments of $0 and $1.3 million were due as of September 30, 2021 and December 31, 2020, respectively. The financial liability was fully repaid in August 2021. Please refer to Note 14, Long-term Debt, for a description of these financing arrangements.
For the nine months ended September 30, 2021, principal payments of $2.1 million were paid for equipment lease loans. For the nine months ended September 30, 2020 principal payments of $0.1 million were paid for equipment lease loans.