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

3 Months Ended

Mar. 31, 2021

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET

NOTE G — PROPERTY AND EQUIPMENT, NET

Property and equipment, net, as of March 31, 2021 and December 31, 2020 consist of the following (in thousands):


	Useful Life
	In Years	2021		2020
Tooling and equipment	7 - 15	$	13,636	$	13,465
Furniture and other equipment	5		7,567		7,379
Computer software	5		2,378		2,378
Leasehold improvements	3 - 6		3,397		3,314
Equipment under capital lease	5		197		197
			27,175		26,733
Less accumulated depreciation			(19,404)		(18,894)
		$	7,771	$	7,839

Depreciation expense, which includes amortization of equipment under capital lease, amounted to $0.5 million and $0.6 million for the three months ended March 31, 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 March 31, 2020 on the property, plant and equipment and concluded there was no impairment.