AerSale Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET

6 Months Ended

Jun. 30, 2021

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET

NOTE G — PROPERTY AND EQUIPMENT, NET

Property and equipment, net, as of the below dates consisted of the following (in thousands):


	Useful Life
	In Years	June 30, 2021		December 31, 2020
Tooling and equipment	7 - 15	$	13,303	$	13,465
Furniture and other equipment	5		7,651		7,379
Computer software	5		2,026		2,378
Leasehold improvements	3 - 6		3,470		3,314
Equipment under capital lease	5		192		197
			26,642		26,733
Less accumulated depreciation			(18,965)		(18,894)
		$	7,677	$	7,839

Depreciation expense, which includes amortization of equipment under capital lease, amounted to $0.5 million and $0.5 million for the three months ended June 30, 2021 and 2020, respectively. Depreciation expense, which includes amortization of equipment under capital lease, amounted to $1.0 million and $1.1 million for the six months ended June 30, 2021 and 2020, respectively.

As a result of the COVID-19 pandemic and its impact on the aviation industry, the Company performed an impairment analysis as of June 30, 2020 on the property, plant and equipment and concluded there was no impairment.