Property and Equipment, Net
|9 Months Ended|
Sep. 30, 2023
|Property, Plant and Equipment [Abstract]|
|Property and Equipment, Net||Property and Equipment, Net
Property and equipment, net consisted of the following (in thousands):
1 Represents equipment that has not yet been deployed to a customer and, accordingly, is not being depreciated.
As of September 30, 2023 and December 31, 2022, the net book value of capitalized software was $5.7 million and $3.5 million, respectively. These amounts include $0.5 million and $0.2 million of capitalized stock compensation costs, respectively. Depreciation and amortization expense related to property and equipment was $2.7 million and $1.4 million for the three months ended September 30, 2023 and 2022, and $6.8 million and $3.8 million for the nine months ended September 30, 2023 and 2022, respectively.
Leased equipment and the related accumulated depreciation were as follows:
Depreciation expense related to leased units was $2.2 million and $1.1 million during the three months ended September 30, 2023 and 2022, and $5.4 million and $3.0 million for the nine months ended September 30, 2023 and 2022, respectively. Depreciable lives are generally 7 years, consistent with the Company’s planned and historical usage of the equipment subject to operating leases.
The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef